There a number of unique and different due dates that apply to U.S. overseas taxpayers, but some are extremely critical to avoiding harsh penalties if missed.
Avoid Disastrous Results – Don’t Miss The FBAR Deadline
One of the most significant upcoming dates is the FBAR deadline (which is now filed on the FinCen Form 114).
Effective July 1, 2013, all FBARs must be electronically filed on the FinCen Form 114 (FinCen stands for Financial Crimes Enforcement Network). The FBAR deadline is June 30 of every year; and there are no extensions. So, if the deadline is missed, it is late. End of story.
So what are the potential disastrous results if the FBAR deadline is missed? For a nonwillfull violation (i.e. due to a reasonable cause), you may be subject to a civil penalty as high as $10,000. For willful violations, the penalties are even more disastrous. The penalty can be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation.
FBAR Deadline Date Is Approaching
So, if you are a U.S. taxpayer that is required to file the FBAR, be sure to do so by June 30.
Just as a reminder, the FBAR deadline applies to you if the aggregate value of all of your foreign financial accounts exceeded $10,000 during the tax year. You must first determine the highest balance in each account during the year, and then add that maximum value to determine the aggregate value.
If you are unsure about your FBAR filing requirements, learn more about the FBAR – Foreign Bank Account Report by clicking on the highlighted link.
Help With Meeting Your FBAR Deadline
What is the benefit of getting expert help with preparing and filing your FBAR?
While the FBAR can be self-prepared and filed, oftentimes there are simple but potentially risky mistakes that are made, such as using the incorrect currency conversion, not determining the maximum balance in each account individually and more.
Many taxpayers also find the FinCen Form 114 and electronic filing process frustrating, confusing, time-consuming, intimidating or all of the above and so they make the decision to hire professional preparation from a firm such as Tax Samaritan to prepare their FBAR and individual tax return on their behalf.
Only You Can Make Sure That You Meet The FBAR Deadline
Your inaction and delay will only create new tax problems. We want to help you with all of your tax preparation needs and provide you with the needed relief and assistance. We want to make the preparation and filing of your returns as easy and painless as possible. Our professional approach and commitment will help you stay in compliance with your tax filing requirements, such as with the FBAR.
Our goal at Tax Samaritan is to provide the best counsel, advocacy and personal service for our clients. We are not only tax preparation and representation experts, but strive to become valued business partners. Tax Samaritan is committed to understanding our client’s unique needs; every tax situation is different and requires a personal approach in providing realistic and effective solutions.
Click the button below to request a FBAR and Tax Preparation Quote today to get started with meeting your FBAR deadline.
Tax Samaritan is a team of Enrolled Agents with over 25 years of experience focusing on US tax preparation and representation. We maintain this tax blog where all articles are written by Enrolled Agents. Our main objective is to educate US taxpayers on their tax responsibilities and the selection of a tax professional. Our articles are also designed to help taxpayers looking to self prepare, providing specific tips and pitfalls to avoid.
When looking for a tax professional, choose carefully. We recommend that you hire a credentialed tax professional such as Tax Samaritan that is an Enrolled Agent (America’s Tax Experts). If you are a US taxpayer overseas, we further recommend that you seek a professional who is experienced in expat tax preparation, like Tax Samaritan (most tax professionals have limited to no experience with the unique tax issues of expat taxpayers).
Randall Brody is an enrolled agent, licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. To attain the enrolled agent designation, candidates must demonstrate expertise in taxation, fulfill continuing education credits and adhere to a stringent code of ethics.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.