Foreign Bank and Financial Account Reporting

Foreign Bank and Financial Account Reporting (“FBAR”), Offshore Voluntary Disclosure Program (“OVDP”) and Offshore Voluntary Disclosure Initiative (“OVDI”)

The IRS and Department of the Treasury are increasingly vigilant to make certain US Taxpayers are in compliance with Foreign Bank and Financial Account Reporting (“FBAR”).

Any US taxpayer with an interest in, or signature authority over, foreign financial accounts whose aggregate value exceeded $10,000 USD at any time during the tax year must file.  Currently FinCEN Form 114; must be filed directly with the Financial Crimes Enforcement Network.  We prepare and file them for numerous clients…they must be filed electronically.  The due dates are April 15 or October 15 if on extension.  We stand vigilant to make certain you are in compliance.  Non-tax season time is a great time to confirm compliance and to discuss if you have any questions or concerns about being compliant.  Penalties can be severe for noncompliance, so please use us as a resource to get educated and to confirm compliance or to become compliant.  If you are concerned about noncompliance for yourself or someone you know, we can also discuss and help with the IRS prescribed Offshore Voluntary Disclosure Program (“OVDP”) and Offshore Voluntary Disclosure Initiative (“OVDI”).

Share on facebook
Share on twitter
Share on linkedin
Share on pocket
Share on email

Related Posts

Estate Planning Questionnaire

DOCUMENTS WE NEED TO COMPLETE YOUR ESTATE PLAN: Prior Estate Planning Documents – Please bring any previously completed will, trust or other estate planning documents by you or your spouse to your conference.

Read This

Get the help you need.

Call us to schedule a Free Case Evaluation.

What Our Clients Have To Say

“I hired Nelson Costa to represent me in a very complicated tax preparation. I felt he was professional and always acted in my best interest and he was always available to answer any questions I had. I would highly recommend Nelson’s tax preparation services.”

by tax client

“I could not have had a better real estate lawyer. Nelson has helped me through a numerous real estate transactions and has always had answers for everything that could possible happen. If you need a great real estate lawyer, please call Attorney Nelson Costa. I tell all my friends and family to use him, because he is that good.”

by R.S – real estate client

“I hired Nelson to help administer and probate my parents estate. This was a very difficult process for me but Nelson made me feel at ease with his knowledge and experience. Both Nelson and his staff were easily accessible. I really appreciated Nelson’s ability to work around my schedule, including after hour phone calls. I was very impressed with his abilities and how he communicated with all parties involved. I highly recommend his services”

by K.D. – estate and probate client

“I needed the honest and straight forward advice of an attorney. Nelson carefully advised me of my options and then represented me in a very professional and competent manner, resulting in the best outcome I could have hoped for in my situation.”

by D.P.

Top