Foreign Bank Account Reporting
The Foreign Bank Account Reporting (FBAR) requirement is probably one of the most overlooked US compliance burden for US individuals and US corporations alike. Generally, every US citizen or resident has to file an annual report with the US Department of Treasury and disclose all accounts held outside the United States. There is a threshold of $10,000, meaning that if the sum of the balances held at any time during the calendar year does not exceed $10,000, no FBAR is required. However, given the fact that the definition of a financial account is quite broad and includes not only current and savings accounts, but also securities investment accounts, certain retirement accounts as well certain company accounts, many people fall within the filing requirements without even realizing it.
The penalty for willful disregard of the FBAR filing requirement is $10,000, so this is not to be overlooked at all. We can offer the preparation and online submission of FBARs as part of the tax preparation service or as a standalone service if you are not otherwise required to file a return.
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