Category Archives: Foreign Bank Account Reporting (FBAR – FinCen Form 114)

Delinquent FBAR Submission

Delinquent FBAR Submission Procedures And FBAR Quiet Disclosures

May 2, 2015 by Randall Brody

FBAR Quiet Disclosures FBAR Quiet Disclosures are strongly discouraged by the IRS. While it is tempting to fly under the radar, particularly when the next best option is voluntary disclosure and mandatory penalties (under OVDP or the Streamlined Domestic Offshore Procedures), it is very compelling in our current regulatory environment and age of global information … Continue reading Delinquent FBAR Submission Procedures And FBAR Quiet Disclosures

FBAR Disclosure

FBAR Disclosure

March 2, 2015 by Randall Brody

FBAR Disclosure – Disclosing Your Foreign Accounts An FBAR disclosure of your foreign accounts is part of your civic responsibility. As a US citizen or permanent resident, you are expected to report all your worldwide income and the name, country location, and maximum balance of any offshore financial account holdings every year if the holdings … Continue reading FBAR Disclosure

Delinquent FBAR

Delinquent FBAR

February 19, 2015 by Randall Brody

What Is The FBAR? The Report of Foreign Bank and Financial Accounts (FBAR) form is a Treasury information document, separate from your annual IRS income tax return, that details your activity with any foreign financial institutions (FFI). The Bank Secrecy Act (BSA) of 1970 requires the reporting of any involvement you have with foreign banks, … Continue reading Delinquent FBAR

International Data Exchange

International Data Exchange – What Does This Mean For Reporting Your Foreign Bank Account Reporting

January 13, 2015 by Randall Brody

International Data Exchange On January 12, 2015, the IRS announced the opening of the International Data Exchange Service (IDES) for enrollment. Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) … Continue reading International Data Exchange – What Does This Mean For Reporting Your Foreign Bank Account Reporting

FBAR Filing

FBAR Filing – Reporting Your Foreign Bank And Financial Accounts

December 28, 2014 by Randall Brody

FBAR Filing Overview FBAR filing on the FinCEN Form 114, Report of Foreign Bank and Financial Accounts is required when a U.S. person has a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value greater than $10,000. If a report is required, certain records must also be … Continue reading FBAR Filing – Reporting Your Foreign Bank And Financial Accounts

FBAR Late Filing

FBAR Late Filing – Options Available To Taxpayers With Foreign Accounts

December 21, 2014 by Randall Brody

FBAR Late Filing Options The implementation of FATCA and ongoing efforts to uncover FBAR late filing by the IRS, Treasury Department and U.S. government in general to ensure compliance with U.S. tax reporting requirements and disclosures has raised awareness with U.S. taxpayers in respect to foreign accounts that they may have financial interest or signature … Continue reading FBAR Late Filing – Options Available To Taxpayers With Foreign Accounts

FBAR Form

FBAR Form – Reporting of Foreign Bank and Financial Accounts

November 30, 2014 by Randall Brody

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a … Continue reading FBAR Form – Reporting of Foreign Bank and Financial Accounts