1. Read The Q & A Below
Quickly learn about FBAR: when is it due, how to file, what to do if you have missed the FBAR filing deadline, and more.
How To Avoid Or Reduce FBAR Penalties
2. Schedule An Initital Consultation
It is important to book your initial consultation as soon as possible, because it is a very busy tax season and FBAR attorneys have a limited number of spots left.
3. Bring your tax affairs in compliance with US tax laws
After the initial consultation and the signing of the representation agreement with Sherayzen Law Office, the main work begins: we will develop your main voluntary disclosure strategy, prepare all of the necessary legal documents and tax forms, and work with the IRS to bring your tax affairs into full compliance. We will take care of your entire case ourselves!
FBAR (FinCEN Form 114) Q & A
What is an FBAR?
FBAR is currently called FinCEN Form 114, Report of Foreign Bank and Financial Accounts (used to be TD F 90-22.1). This form is used by US persons to report to the IRS a financial interest in or signatory authority over foreign financial accounts. This is one of the most important forms that you will need to file in order to avoid high IRS penalties.
When is the FBAR Due?
Starting tax year 2016, the FBAR deadline is aligned with that of US tax returns. This means that FBAR must be received by the Department of the Treasury on or before April 15 of the year immediately following the calendar year being reported (e.g. the 2017 FBAR is due on April 17, 2018). The 2017 FBAR filers will be granted an automatic extension until October 15, 2018.
Prior to tax year 2016, the FBAR deadline was on June 30 and no extensions were possible. It is important to remember this deadline for the purposes of applying the FBAR statute of limitations and determining the voluntary disclosure period under the OVDP and Streamlined Compliance Procedures rules.
Who Must File an FBAR?
FBAR must be filed by a US person that has a financial interest in or signatory authority over foreign financial accounts if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Note that this Form applies to accounts which are directly, indirectly and constructively owned; it further applies to situations where a US person has signatory or other authority over a foreign account.
It is important to understand that whether this Form needs to be filed often depends on the filer’s particular facts and circumstances. This is especially true when one deals with unconventional foreign “accounts”, such precious metals accounts, foreign life insurance accounts, et cetera.
FBAR must be filed by US individuals, US business entities and US trusts. You should contact FBAR Lawyers of Sherayzen Law Office for professional help in determining whether you are required to file an FBAR.
How Should an FBAR be Filed?
FinCEN Form 114 (FBAR) must be electronically filed through FinCEN’s BSA E-filing System.
What if I received a FATCA Letter from My Foreign Financial Institution?
If you received a FATCA letter from your Foreign Financial Institution, contact FBAR Lawyers of Sherayzen Law Office immediately because timing may be of the essence in your case.
Do You Have More Information Regarding FBARs?
Our website contains a wealth of information regarding FBARs. All of our articles are written by highly experienced FBAR tax lawyers of Sherayzen Law Office for the purpose of providing useful general FBAR information (no legal advice is provided). You can either search website for relevant information or you can read a collection of articles below by clicking on relevant links.
What Should I Do if I Should Have Been Filing FBARs in the Past or I filed Incorrect FBARs?
If you should have been filing FBARs in prior years or your previously-filed FBARs were incorrect, it is likely that you will need to do a voluntary disclosure to bring your tax affairs in full compliance with US tax laws. Our FBAR tax lawyers will determine what type of voluntary disclosure option best fits your case, prepare all necessary tax forms and legal documents, and guide you through the entire voluntary disclosure process.
Where can I get Professional Help with FBARs?
You should contact Sherayzen Law Office FBAR lawyers for professional analysis about whether FBAR requirement applies to you. We can also prepare and e-file this form for you. If you were not in full compliance with your FBAR requirements in the past, our FBAR Lawyers can help you resolve this issue through an offshore voluntary disclosure option, such as: SDOP (Streamlined Domestic Offshore Procedures), SFOP (Streamlined Foreign Offshore Procedures), DFSP (Delinquent FBAR Submission Procedures), IRS VDP (IRS Voluntary Disclosure Practice) and Reasonable Cause disclosures.
Sherayzen Law Office helps US taxpayers with their FBAR compliance throughout the world and the United States.
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Schedule Your Initial Consultation! Call 952-500-8159
Delay May Lead to Premature IRS Discovery and Imposition of FBAR Penalties.
Testimonials:
The tax attorney services provided by Mr. Eugene Sherayzen were excellent. Years of paying too little attention to the complicated tax laws regarding foreign accounts, funds and companies lead to a complex situation. Mr. Sherayzen quickly understood the issues and found efficient solutions. I highly recommend Mr. Sherayzen and his law firm.
Mr. Sherayzen assisted us in resolving some tax issues related to foreign accounts. We are completely satisfied with the services he provided and would highly recommend him to anyone needing help in this area. Mr. Sherayzen is very knowledgeable and handled our case in a timely and professional manner. He is also a very nice person, who we believe genuinely cares about helping his clients.
The tax laws on foreign accounts are extraordinarily complex, particularly with regard to mutual funds. My wife and I have been extraordinarily impressed by the expertise and professionalism of Mr. Sherayzen. He found the very best way of approaching our own specific situation and handled everything in an extremely precise, thorough way. His totally above-board, scrupulously honest way of the dealing with tax issues is undoubtedly building a very high reputation with the tax authorities, and this can only benefit those who are fortunate enough to be his clients.
Mr. Sherayzen is a subject-matter-expert who is very thorough in gathering complete information, and based on that, provides options and next steps related recommendations. Mr. Sherayzen is very intelligent and is analytical and rational in addressing the issue at hand. He exercises discipline, structure, and rigorous determination in his thinking. At the same time he has exhibited remarkable rational skills in working with people from different backgrounds. He has the ability to listen and he is flexible. I highly recommend Mr. Sherayzen and his law firm, Sherayzen Law Office.
“My wife and I engaged the services of Eugene Sherayzen in 2009, feeling very apprehensive as we were by no means familiar with legal processes.
He very quickly made us at ease with his friendly manner and also added to that ease with his professional expertise and obvious knowledge of the legal situation relative to our case.
He scheduled our meetings to not only cover the steps necessary, but also efficiently, so as to be aware of costs in what is after all an expensive process.
At the start we had engaged an attorney and by the finish we had gained a friend.
I would recommend Eugene Sherayzen not only as an efficient and professionally knowledgeable attorney but also as a person who can empathically guide clients through stressful and difficult situations”.
It was early 2012, and a few years after opening an offshore GoldMoney account, that I stumbled upon FBAR and US offshore account reporting requirements. I needed to back-file, and even figure out how to file! Information on how to comply was so scarce, and the fines so high for mistakes that it was a stressful time to say the least! Finding someone to even help seemed a tall order too. CPAs in town had little knowledge at all and didn’t want to take on the risk. GoldMoney, in the Channel Islands had no idea about US filing requirements either! I didn’t even know what type of account this was in US terminology.
When I found Eugene Sherayzen via Google, it was already late on a Friday night. I expected to leave a voicemail, suffer through the weekend, and pick things up on the following Monday. He called me right back and from there began a very smooth experience working with a highly competent individual. Despite the long distance, he patiently took me through the whole process via Skype meetings, phone calls, and email over the following month or so. T
he weight off my shoulders cannot be stressed enough and while it took me two tax seasons to be comfortable doing my own taxes (with added FBAR and 8938 filing) again, Eugene navigated for me during one of the worst storms of my life.
He has my sincere thanks and well wishes in the years ahead and if you’re in a similar situation he can definitely help you.
Avoid Or Reduce FBAR Penalties! Call 952-500-8159
Delay May Lead to Premature IRS Discovery and Imposition of FBAR Penalties.