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Foreign Bank Accounting Report

The Foreign Bank Accounting Report, or FBAR, is an appropriate tax document that needs to be filled out by specific U.S. citizens and residents who hold brokerage accounts, bank accounts, mutual funds, trusts, and other financial vehicles in foreign countries. It is due on April 15th, the same day as the federal tax return, but is an entirely separate document, and those who are required to submit it face significant penalties if they fail to do so or do so incorrectly. To determine whether you are required to file an FBAR and ensure that you are meeting all of your reporting requirements, contact Taxvantage Advisors, LLC. today.

Determining whether you are required to file the FBAR is not a straightforward process. There are many individuals whose names may be listed on foreign accounts – including spouses who jointly own assets, those who are listed in a consolidated FBAR, the beneficiaries and owners of IRAs and others who may find themselves exempted from the requirements, but making this determination is not easy. That’s why it is so vital that you consult the experts at Taxvantage Advisors, LLC.. Our process begins with a thorough review and analysis of your holdings and their documentation to determine whether you are eligible for an exception or whether your situation demands that you file. For those who do meet the government’s requirements, our services include ensuring that you have all of the needed documentation, that your information is entirely, completely and accurately entered, and that it is submitted in compliance with all deadlines. Our focus is on helping you avoid the penalties that come with delay, omissions, and errors.

The professionals at our experienced international tax CPA firm are ready to provide you with the assistance you need. Call us today at (636) 379-1500 to set up a convenient time for an online consultation on your FBAR needs.