Foreign Bank Account Reporting (FBAR) Requirements
If you are a resident alien working in the U.S., it is likely that you have at least one bank account in another country. Unfortunately, your foreign bank account could result in disastrous legal consequences for you, including criminal charges, if you fail to fulfill the reporting requirements for your foreign assets.
If your foreign bank account has a balance that exceeds $10,000, you are required to report your account to the IRS. Failure to report your worldwide income can have a devastating effect on your life and your finances: You could face both criminal prosecution and a penalty of 27.5% of the balances in the accounts.
A foreign bank account report filing, or FBAR, is a filing separate from your federal tax return. It requires you to disclose all information regarding your foreign bank account, including balances, adjusted reported interest, and U.S. conversion metrics. FBAR filings are not only extremely time-sensitive, as criminal prosecutions happen quickly, but also extremely complicated. If done incorrectly, or not at all, you could lose much more than money: Your freedom and your ability to continue working in the U.S. could be seriously compromised.
Protect Your Assets at Home and Abroad
At Key Tax Group, we understand the urgency and importance of correctly filing your FBAR with the IRS. We specialize in FBAR cases and have the knowledge you need to protect your assets at home and abroad, we will get your FBAR filed fast to protect you and your assets. Our dedicated team of tax relief specialists, enrolled agents, and support staff have the experience and expertise to quickly get your accounts in compliance with IRS regulations before your financial future is jeopardized.
With your freedom, finances, and ability to work in the U.S. on the line, don’t let unreported assets ruin your chance of pursuing the American Dream.
Key Tax Group Can Help With FBAR Filings
We specialize in helping our clients to protect their assets abroad. Whether you live here in the U.S. or live abroad as an expat, the U.S. tax code can be quite complex and a bit overwhelming to tackle on your own. We have extensive tax law knowledge and experience which we can use to help you avoid some nasty pitfalls and penalties. That way, you can focus more on what matters to you.
If you’ve fallen behind on your FBAR filings, you need to file your first one, or you have some other questions about how to file an FBAR that weren’t covered here, Key Tax Group can help! We have FBAR attorneys who know how to help you handle your tax obligations.
Schedule a free, no-obligation consultation today to learn more about our firm and how we can help. We look forward to hearing from you.
Do you have questions about filing a Report of Foreign Bank and Financial Accounts (FBAR)? Below are some commonly asked questions about this type of report.