FBAR Account Reporting – Imperative

FBAR Foreign bank account reporting is imperative, Please pardon my writing you again about this but I am deeply concerned.

If you have a bank account anyplace outside of the USA, it doe not matter why even if it is an account with money to obtain your spouse or retirement visa, you need to report it. The law says, “total aggregate of all accounts exceeding $10,000” but I am not sure I trust the IRS to abide by those regulations, I recommend to file for any significant amount. And do so for the last SIX (6) years, 2013 and back 5 more years, as required by law.

PLEASE understand the penalties for non-compliance are draconian that start at $500 and go up from there and can even include criminal prosecution if your failure to file was willful. Yes PROSECUTION!.

The Filing is required for individual accounts, joint accounts, even accounts that you just have signature authority over. If you don’t comply and the IRS catches up to you before you do they could ruin you life, even in Thailand or any other foreign country.

I don’t like it, NO ONE LIKES IT. But it is the law and you can comply or face the consequences if you get caught. And you will get caught!!

A great portion of the banks world-wide have signed on to this and are reporting all accounts held by US persons. It will not take long for the IRS computers to discover your name listed on the report submitted by your bank and discover that there is no corresponding filing by you.

Go to: https://bsaefiling1.fincen.treas.gov/PublicAccess to file. If you do not want to do it yourself I can do it for you.  Please connect with me on TaxConnections.

Dan has been preparing tax return for US Taxpayers and Expatriates since 1998 beginning with US military and Embassy mission personnel in Bangkok, Thailand. He has always loved math and took business accounting at City U. in Seattle Washington. Dan worked at Clint Gordon & Associates (Accredited Tax Consultant) were he gained his foundational knowledge of the US taxing system.

Dan has been studying tax preparation and tax law ever since increasing his skill and knowledge of the tax preparation business accordingly, Dan is known in many circles around the globe as an Expatriate Tax Expert. His book entitled “The Complete US Expat Tax Book” has recently been published and is available on Kindle, Amazon and booksellers around the world.

Thru the years, Dan has fought many battles with the Internal Revenue Service as well as various state taxing departments with great success in helping lower and or eliminate his clients tax debts.

Dan Gordon and his staff enjoy the work they do from the simplest 1040EZ to the most complex corporations, with the goal that no client should pay more tax than legally required.

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