What is FBAR?
FBAR stands for "Foreign Bank Account Report." It's a requirement by the U.S. Department of the Treasury for U.S. persons to report their foreign financial accounts if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year.
The FBAR filing is separate from the individual's income tax return and is typically filed electronically through FinCEN Form 114, which is accessed through the Financial Crimes Enforcement Network's BSA E-Filing System.
Failure to file the FBAR when required can result in significant penalties. It's important for U.S. persons with foreign financial accounts to understand their reporting obligations and comply with FBAR requirements to avoid any potential penalties.
Our team specializes in assisting individuals with the complex requirements of FBAR reporting. We guide you through the process of disclosing foreign financial accounts, ensuring full compliance with the Bank Secrecy Act. From identifying reportable accounts to filing the necessary forms, we simplify the FBAR reporting process for our clients.
Personal Consultation
Understanding your specific financial situation is the key to effective FBAR compliance. We begin with a personal consultation to assess your foreign financial assets, identify reportable accounts, and discuss any potential compliance issues. This tailored approach ensures that our services are aligned with your unique circumstances.
Document Review and Preparation
Our experts review and assist in the preparation of the required forms, including FinCEN Form 114 for FBAR reporting. We ensure that all necessary information is accurately captured to meet regulatory standards.
Penalty Mitigation
In the event of compliance issues or penalties, we work diligently to mitigate potential consequences. Our experts assist in resolving any outstanding matters with the IRS, helping you navigate the process and achieve a satisfactory resolution.
At AZP, we are committed to providing comprehensive FBAR and FATCA reporting and compliance services. Contact us today for a consultation to ensure that your foreign financial assets are managed in accordance with the latest regulations.