In addition to annual income tax forms, certain taxpayers are required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”; previously called Form TD F 90-22.1). All U.S. taxpayers who have an interest in, or signatory or other authority over a bank, securities or other similar foreign accounts must file an FBAR, if the aggregate value of the foreign accounts exceeds $10,000 at any time during the calendar year. The $10,000 threshold value applies whether the taxpayer holds the financial accounts separately or jointly with another person or persons.
As of October 1, 2013 the FBAR form must be filed through the Financial Crimes Enforcement Network’s (FinCEN’s) Bank Secrecy Act E-Filing System on or before June 30th of the year following the calendar year being reported. For example, to report foreign accounts held open in 2013, the taxpayer must file the FBAR by June 30, 2014.
U.S. taxpayers who have foreign financial accounts would benefit from the experienced tax attorneys of the Law Office Of Jeffrey B. Kahn, P.C. representing you to avoid the pitfalls associated with failure to comply with the reporting requirements associated with owing foreign financial accounts.
Description: Let the tax attorneys of the Law Offices Of Jeffrey B. Kahn, P.C. resolve your IRS tax problems, get you in compliance with your FBAR filing obligations, and minimize the chance of any criminal investigation or imposition of civil penalties.