- 1 FBAR Filing Deadline 2019
- 2 Is the FBAR Part of my Tax Return?
- 3 What if I Did Not File the FBAR Previously?
- 4 Are there Penalties for Not Filing the FBAR?
- 5 Can I Just File Past FBARs?
- 6 What are the IRS Amnesty Programs for Filing Past FBAR?
- 7 What Can You Do?
- 8 We Specialize in Safely Disclosing Foreign Money
- 9 Who Decides to Disclose Unreported Money?
- 10 Sean M. Golding, JD, LL.M., EA (Board Certified Tax Law Specialist)
- 11 Beware of Copycat Law Firms
- 12 4 Types of IRS Voluntary Disclosure Programs
FBAR Filing Deadline (2019) – IRS Filing Requirements for the FBAR
The FBAR is a FinCEN (Financial Crimes Enforcement Network) Form, which is required by certain U.S. taxpayers with foreign bank and financial accounts.
Common Questions about the FBAR Filing Deadline:
- Is the FBAR part of my tax return?
- What if I did not file the FBAR previously?
- Are there penalties for not filing the FBAR?
- Can I just file past FBARs?
- What are the IRS Amnesty/Voluntary Disclosure Programs?
The FBAR form is filed annually by any individual, entity, trust, etc. who has ownership, co-ownership or signature authority over foreign bank accounts and foreign financial accounts, which have an aggregate balance of more than $10,000 (USD) on any day of the year.
FBAR Filing Deadline 2019
The deadline for filing the FBAR is the same as your tax return, April. Therefore, your 2018 FBAR is due by April 2019. And, if you applied for an extension, then the FBAR coincides with the filing date of the Tax Return.
The memorandum can be found here.
Is the FBAR Part of my Tax Return?
The FBAR is not part of your tax return. Rather, it is a separate form you can download from the FinCEN website. (In years past, it was submitted on paper with your tax returns; now it is submitted electronically through the FinCEN website.)
What if I Did Not File the FBAR Previously?
If you did not file the FBAR previously, then you are out of compliance.
Are there Penalties for Not Filing the FBAR?
Yes. Unfortunately, the penalties can be severe. They can range from:
Non-Willful civil penalties range from a warning letter in lieu of penalty, up to a $10,000 per account, per occurrence penalty for each year of non-compliance (Usually a 6-year maximum).
Willful civil penalties are generally a 50% penalty on the maximum balance of the accounts. Under certain situations, the penalties can go as high as 100%, and sometimes reduced — but 50% is the standard willful penalty.
Criminal FBAR Penalties
A person can be sentenced to incarceration and fines.
Can I Just File Past FBARs?
No. If you just go back and file past FBARs without submitting to one of the approved Voluntary Disclosure/Amnesty Programs, you may be subject to the penalties listed above, along with other violations if you are willful — such as Tax Fraud and/or Tax Evasion.
What are the IRS Amnesty Programs for Filing Past FBAR?
If you are out of compliance, the penalties can be severe. Therefore, you may consider entering IRS offshore voluntary disclosure/tax amnesty, before it is too late.
What Can You Do?
Presuming the money was from legal sources, your best options are either the Traditional IRS Voluntary Disclosure Program, or one of the Streamlined Offshore Disclosure Programs.
We Specialize in Safely Disclosing Foreign Money
We have successfully handled a diverse range of IRS Voluntary Disclosure and International Tax Investigation/Examination cases involving FBAR, FATCA, and high-stakes matters for clients around the globe (In over 65 countries!)
Whether it is a simple or complex case, safely getting clients into compliance is our passion, and we take it very seriously.
Who Decides to Disclose Unreported Money?
What Types of Clients Do we Represent?
We represent Attorneys, CPAs, Doctors, Investors, Engineers, Business Owners, Entrepreneurs, Professors, Athletes, Actors, Entry-Level staff, Students, Former/Current IRS Agents and more.
You are not alone, and you are not the only one to find himself or herself in this situation.
Sean M. Golding, JD, LL.M., EA (Board Certified Tax Law Specialist)
Our Managing Partner, Sean M. Golding, JD, LLM, EA earned an LL.M. (Master’s in Tax Law) from the University of Denver and is also an Enrolled Agent (the highest credential awarded by the IRS, and authorizes him to represent clients nationwide.)
Mr. Golding and his team have successfully handled several hundred IRS Offshore/Voluntary Disclosure Procedure cases. Whether it is a simple or complex case, safely getting clients into compliance is our passion, and we take it very seriously.
He is frequently called upon to lecture and write on issues involving IRS Voluntary Disclosure.
Less than 1% of Tax Attorneys Nationwide are Board Certified Tax Law Specialists
The Board Certified Tax Law Specialist exam is offered in many states, and is widely regarded as one of (if not) the hardest tax exam given in the United States for practicing Attorneys. Certification also requires the completion of significant ethics and experience requirements.
In California alone, out of more than 200,000 practicing attorneys (with thousands of attorneys practicing in some area of tax law), less than 350 attorneys are Board Certified Tax Law Specialists.
Beware of Copycat Law Firms
Unlike other attorneys who call themselves specialists or experts in Voluntary Disclosure but are not “Board Certified,” handle 5-10 different areas of tax law, purchase multiple keyword specific domain names, and even practice outside of tax, we are absolutely dedicated to Offshore Voluntary Disclosure.
*Click here to learn the benefits of retaining a Board Certified Tax Law Specialist with advanced tax credentials.
4 Types of IRS Voluntary Disclosure Programs
There are typically four types of IRS Voluntary Disclosure programs, and they include:
- Traditional (IRM) IRS Voluntary Disclosure Program
- Streamlined Domestic Offshore Procedures (SDOP)
- Streamlined Foreign Offshore Procedures (SFOP)
- Reasonable Cause (RC)
Contact Us Today; Let us Help You.
Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver, and has also earned the prestigious Enrolled Agent credential. Mr. Golding is also a Board Certified Tax Law Specialist Attorney (A designation earned by Less than 1% of Attorneys nationwide.)
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