The IRS Foreign Bank Account Report or FBAR must be submitted no later than June 30, 2014 or you face substantial additional taxes, penalties, interest and in some cases criminal tax exposure. The FBAR, required under recent FATCA legislation, is required of all citizens of the US and foreign nationals who live or work in the US who have bank accounts or investment accounts offshore, as well as US expatriates (those US citizens who live abroad). Failure to fully disclose all foreign bank and investment accounts will result in immediate exposure to criminal federal charges under FATCA. Even more sobering is the impact of recent developments between the IRS and foreign banking and taxation authorities. The IRS now has access to account information for millions of account holders that were previously able to take advantage of certain privacies offered by institutions around the world (such as Swiss banks). The day of reckoning is swiftly approaching, and there is no avoiding the IRS on this matter. If you have foreign bank or investment accounts, or are a US Expatriate we invite you to contact our offices for an immediate consultation. Our work together will be protected under attorney-client privilege allowing you the safety to fully disclose your unique scenario while taking advantage of the US and international tax expertise and accounting services provided by Allen Barron, Inc.
