Coming Into Compliance with IRS Offshore Account and Asset Reporting Requirements
Allen Barron is uniquely positioned to advise you and assist with FBAR preparation and filing, and to help you to come into compliance with IRS offshore reporting requirements. The Report of Foreign Bank and Financial Accounts or FBAR, also known as FinCEN (Financial Crimes Enforcement Network) Form 114 (formerly TD F 90-22.1), is a required annual report for any US taxpayer (including expatriates and resident aliens) who had a financial interest in or signatory authority over amounts of $10,000 or more accumulated in foreign bank accounts or investment accounts at any point in the calendar year. This form is filed electronically with the Treasury Department no later than June 30. The time frame for the filing of an FBAR cannot be extended.
US taxpayers must inform the US government of any offshore accounts and assets each and every applicable year by checking the appropriate box on their tax return in the Schedule B section “Foreign Accounts and Trusts,” and attaching IRS Form 8938, Statement of Specified Foreign Financial Assets.
IRS Form 8938 provides specific details about a US taxpayer’s offshore bank and investment accounts, and must be completed and filed if the offshore account balances and the value of other foreign financial assets or interests total more than $50,000 on the last day of the calendar year, or more than $75,000 at any time during the year for US taxpayers filing as “single”. For married taxpayers who file joint returns, the threshold amounts are literally doubled to $100,000 and $150,000, respectively.
Come Into Compliance with FATCA and FBAR Reporting Requirements
These reports and forms have been required for many years, and the present “look-back” period is six years. Allen Barron is uniquely positioned to assist with FBAR preparation and filing, as well as the preparation and filing of associated forms for this tax year or for previous tax years that were incomplete, inaccurate or where a US taxpayer failed to file the form altogether. The experienced tax attorneys at Allen Barron extend the protections of the attorney-client privilege to our clients. This absolute legal defense protects our clients and their sensitive financial information from the oppressive subpoena power of the IRS. These protections allow you to fully disclose all of your personal information, financial data and offshore activities without fear.
Allen Barron also provides CPA, accounting and tax preparation services in a single source. We can provide a “universal perspective” to our clients from a legal, accounting, and tax perspective eliminating the need to retain and pay several separate professional providers including a financial advisor, CPA or accounting service provider, bookkeeper, and tax preparation service provider. Our clients value not having to go back and forth between advisors and receiving conflicting (and often inaccurate) information. Our clients do not have to face the probability that the information provided to their CPA, accountant, bookkeeper or tax preparer and all communications including emails, texts and personal notes will be subpoenaed by the IRS, laying them bare to the full fury and power of the US tax agency.
Allen Barron will review your tax filings for the appropriate look-back timeframe. We will provide all of your alternatives to come into compliance with FATCA and FBAR reporting. We will discuss the advantages and disadvantages of the OVDP (Offshore Voluntary Disclosure Program) and the Streamlined Domestic Offshore Procedures (or Streamlined Foreign Offshore Procedures). We will complete all necessary forms, and update all current and previous tax returns.
Allen Barron is Your Single Source for FBAR Preparation and Filing, and IRS Offshore Reporting Compliance
Are you a US taxpayer? Have you had more than $10,000 total accumulated in your offshore investment or bank accounts at any point in the past year or previous years? Have you made a “complete, transparent and full” disclosure to the IRS and the US Treasury about your offshore accounts, income and assets over the past six to eight years using either the OVDP or streamlined domestic offshore procedures?
If you require assistance with your or Report of Foreign Bank and Financial Accounts – FBAR preparation and filing, or are concerned about the disclosure of offshore financial activity, we invite you to contact us by calling 866-631-3470 for a free and substantive consultation. We will educate you on the extensive developments of the past year, and the list of thousands of international banks and sovereign tax authorities (including the Swiss and Cayman Island institutions and banks) who are providing information about you, your accounts and holdings, as well as your foreign transactions directly to the IRS.