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A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file a Report of Foreign Bank and Financial Accounts (FBAR) to report financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Often these people are unaware that they have this reporting requirement. There are strong civil (non-willful) and criminal (willful) penalties for failing to file this report – and the penalties can be levied on each year that the report is not filed. We can help determine if this reporting affects you.
GPS Tax Services has years of experience helping taxpayers with FBAR reporting. There is interaction between the FBAR and tax returns which requires additional information on the tax return. We can help taxpayers understand these requirements and help them gather the documents required to file this report. The FBAR report usually requires numerous calculations and foreign currency conversions. We know the right questions to ask and how to file this report with FinCEN – the Financial Crimes Enforcement Network.
We can help protect your money and bank account from aggressive IRS collection activity. To find out how we can help you, please contact us.