Everyone must file
Every U.S. taxpayer is responsible for reporting income earned worldwide. Additionally, U.S. taxpayers are also required to file a Report of Foreign Bank and Financial Accounts (FBAR) on any foreign financial accounts with an aggregate amount exceeding $10,000 in a given calendar year, in which they have a financial interest and/or signature authority. Failure to file can result in fines and possible criminal charges. Although, in most cases the IRS does not recommend criminal charges against delinquent taxpayers that truthfully, completely and in a timely manner complies with the Offshore Voluntary Disclosure Initiative (OVDI) which provides some degree of foreign bank account reporting amnesty. There are some taxpayers that may not be required to submit Form TD F 90-22.1 or other foreign asset reporting.
Exceptions for FBAR filings include:
- Trust beneficiaries
- Beneficiaries of tax-qualified retirement plans
- Correspondent accounts
- Taxpayers already included in a consolidated FBAR
- Foreign accounts owned by another government
- IRA beneficiaries
- Foreign accounts held on a U.S. military banking facility
- Specific foreign joint accounts
Even if you are on this list of exceptions, you may still be required to file with the IRS. PIASCIK international tax professionals have over 75 years of combined international tax experience. Our highly educated professionals have helped over 35 clients successfully navigate OVDI programs with over 90 expatriates and 49 countries represented. PIASCIK also know that FBAR filings can have impact totalization agreements, expatriate taxation, and trust estate planning.
Complexities of FBAR
FBAR filings can be time consuming and complicated, but with expert tax consultants, like PIASCIK, the process can move quicker and more knowledgeably. There are numerous documents that must be filed accurately with the IRS. Documents and forms can include:
- Form TD F 90-22.1
- Form 433A
- Form 433B
- Form 872 Consent to Extend the Time to Assess Taxes
- Form 8938 Foreign account and Asset Statement
- OVDI letters and FAQs
- Power of Attorney Form for OVDI
You should always seek the expertise of an experienced tax firm before you begin filing. Beyond the experience of working first hand with OVDI programs, expatriates and resident alien taxes, PIASCIK has also worked with every inbound and outbound international program in Virginia. Prestigious members include the president of the Virginia International Business Council, the Treasure for the Society of International Business Fellow, and multiple NFLPA Registered Player Financial Advisors. PIASCIK international tax professionals know every venue of FBAR filings and the most efficient way to process them.
PIASCIK expertise at economical prices
With flat fees and no hidden fees, PIASCIK is an economical alternative to large, expensive international tax firms. We even provide the initial consultation FREE so you can experience our world-class service for yourself. PIASCIK knows every venue of foreign bank account reporting, FBAR amnesty requirements, and how it can affect your tax obligations. You have nothing to lose and everything to gain by taking advantage of our tax expertise. Contact PIASCIK today and discover why we are recognized as industry leaders.
