Filing of late FBARs

 

FBAR filing requirements 

The FBAR (Foreign Bank and Financial Account Reporting) is necessary for a U.S. person to report their foreign accounts and they may be penalised if they fail to report their foreign bank and financial accounts to the IRS on time.

Therefore, it would be ideal to engage with experienced tax advisors if representation is needed.

 

Foreign Account Representation

The FBAR Form (also known as FinCEN Form 114) is required to be filed if a U.S. person holds foreign accounts and meets the reporting threshold; the deadline to file this form is normally April 15 although it may be possible to file an extension.

A U.S. person may be subject to fines and penalties if there is a failure to file an FBAR form or filing a late and/or incomplete form and they may still be liable to penalisation if the violation is unintentional. Criminal penalties can also be applied; however, this is uncommon. 

 

Choosing the right tax advisors to file your FBAR:

 

We are experienced tax advisors:

Our tax advisors have more than 20 years of professional experience.

A key factor in offshore disclosure is the development and implementation of a legal approach and strategy; for this reason, it is crucial to find a tax advisor who specialises in this area of Tax.

FBAR disclosure experience:

Although acquiring Enrolled agent, tax and accounting qualifications may aid the case, it does not substitute for extensive offshore disclosure experience.

We are experienced tax advisors who deal with Streamlined Foreign Offshore Procedure cases continually with positive results.

 

If you would like to discuss this further, please contact us.