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An FBAR is the Report of Foreign Bank and Financial Accounts, and is required by the US Department of the Treasury yearly. It is used to report any financial interest in or signature authority over foreign financial accounts that exceed $10,000 at any time during the calendar year added together.
The FBAR is an important compliance tool that helps the US government to track and prevent money laundering, terrorist financing, and other illicit financial activities. Filing the FBAR is also a way to ensure that US taxpayers are accurately reporting their income and paying the correct amount of taxes.
FBAR form is also called a Form 114.
No. Filing an FBAR is not taxed, no tax is due. However, it is important that any account outside the US, including cryptocurrencies, be properly and correctly reported to avoid exorbitant penalties. Failure or misreporting of a bank account in a FBAR report is subject to penalties of $10,000 per account up to 50% of the amount in the bank account.
Americans Overseas wants to make sure your path to compliance is a more simple, direct and cost-efficient one. We do this by providing information on tax matters for Americans living abroad. We connect Americans worldwide to the right tax specialists for their situation.
Are you behind on your American tax returns and of FBAR filing? You may be eligible for a amnesty program offered by the IRS. Such a program, for example the Streamlined Procedure, gives you the opportunity to return to compliance without penalties for not reporting your American taxes.
We like to give you proper information for using a amnesty program if you’re eligible. The penalties, particularly on FBAR, are extremely high and can easily be prevented.
Americans Overseas can assist with your FBAR filing through their network of trustworthy and skilled CPAs who are carefully assessed for quality and cost-effectiveness. We cater to individuals with various financial situations, from straightforward to complex, including those who have multiple businesses in different countries. Our aim is to provide excellent tax returns and FBAR filing at reasonable rates.
Contact us, free of charge and without any obligation and find out the best way to deal with your tax question(s). We are at your service.
After we received your information, we’ll set up a consult – free of charge and any obligation– to fully asses your situation and to give us a better understanding of how we can help you.
Based on the complexity of your situation, we’ll provide the right information that you need or set you up with a specialized tax advisor that will help you further.
Understanding the US tax system, the obligations and all the additional terms can be difficult. Especially if one lives outside of America. Is your question not answered? Contact us.
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FBAR (Foreign Bank Account Report) filing is the requirement for certain U.S. individuals and entities to report their foreign financial accounts to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury. The FBAR filing requirement applies to U.S. persons who have a financial interest in, or signature authority over, one or more foreign financial accounts, if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year.Read more... about What is FBAR filing?