Foreign Bank & Financial Accounts (FBAR)
If you’re a “U.S. person” with financial interest in, or signature authority, or other authority over any financial account in a foreign country, and the aggregate value of those accounts at any time during the calendar year, exceeds $10,000, you must file an FBAR by June 30th of the year following the year that the account met the $10,000 threshold. Your failure to file may result in civil penalties, criminal penalties, or both. Are you a “U.S. person”? Do you have any “financial account” in a “foreign country”? Do you have “signature or other authority” over the account? Did you keep the required records for such an account for how long the law requires that you do? Must you file an FBAR? All these questions must be lawfully answered in dealing with FBAR issues with the IRS.
Don’t take on the IRS or the other taxing authorities without the assistance of an experienced and knowledgeable tax attorney that knows how they work. If you have been contacted about starting an audit of you or your business, or are already under audit, don’t hesitate to contact or call us at (770) 962-7201. Your initial consultation is free.