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”).