What is an FBAR?
Simply put, the FBAR is a reporting form for those who hold $10,000 or more in a foreign financial account. $10,000 refers to aggregate balances of foreign accounts.
When is the FBAR filing deadline?
The FBAR is due when your tax return is due. This is not a typo, it used to be due on June 30th but that changed as of the 2016 filing season. Also new – if you miss the deadline, you get an automatic 6 month extension; you do not need to submit any forms for an extension. So if you missed filing your 2016 FBAR you actually aren’t late (yet).
What should I do if I have late or unfiled FBAR Forms? Or if I am under audit or investigiation?
Our website is loaded with helpful information on FBAR penalties. You may be able to find answers to your questions by going to our FBAR knowledge base.
Alternatively, you may want to consider hiring us to help you. Here are some key benefits of using the law firm of Parent & Parent LLP to help you with your late FBARs:
- The attorney-client privilege attaches to any communciations to our firm
- We are experts at uncovering and reducing other international penalties that you may have never heard about, like hidden penalties on life insurance, and foreign pensions
- We are truly on the side of our clients. We are the only national law firm working to repeal the Foreign Account Tax Compliance Act (FATCA) and to reduce the IRS’s power to assess FBAR penalties.
If you need assistance, contact us. We can help. Call us at 888-727-8796 or email info@irsmedic.com. We also invite you to review success stories and case studies of clients of ours.
