- 1 FBAR Reporting Requirements
- 2 Who Has to File the FBAR?
- 3 What is Included on the FBAR?
- 4 When is the FBAR Due?
- 5 What if You Miss the Deadline?
- 6 What are the Options for Late or Unfiled FBARs?
- 7 Recent Golding & Golding Case Highlights
- 8 How to Hire Experienced FBAR Counsel?
- 9 Interested in Learning More about Golding & Golding?
FBAR Reporting Requirements – What IRS Requires You Report
FBAR Reporting Requirements: When it comes to FBAR Reporting Requirements, there are many aspects to it. Some websites seem to over-complicate the process. Other websites spend their time trying to fear monger you into believing you are going to jail forever if you miss the deadline.
FBAR Reporting Requirements
There are many FBAR reporting requirements. And, while the FBAR reporting requirements can be complicated, we will break it down into easily digestible parts. The basics of FBAR reporting, include:
- Who Has to File?
- What is Included?
- When is it Due?
- What if You Miss the Deadline?
- What are the Penalties?
- What are the Options?
Who Has to File the FBAR?
U.S. Persons are required to file the FBAR in any year they meet the FBAR threshold requirements for reporting. The threshold is (relatively) low. If the filer has ownership, joint ownership, or signature authority over more than $10,000 in any given year, they are required to file the form.
Filers may include individuals, entities, trusts and estates,
What is Included on the FBAR?
The FBAR is used to report Foreign Bank and Financial Accounts. These accounts may include:
bank accounts, investment accounts, mutual funds, ETF, stock accounts, pensions and life insurance.
When is the FBAR Due?
The FBAR is due to be filed on April 15 or when your tax returns are due. Currently (subject to change), the FBAR is on automatic extension.
What if You Miss the Deadline?
If you miss the deadline for filing the FBAR, you may be subject to IRS fines and penalties. Putting all the fear and scaremongering aside, the penalties for FBAR can be bad.
What are the Penalties for FBAR?The penalties range. The Penalties will range based on whether the penalties are civil or criminal. In addition, civil penalties can be broken down into willful vs. non-willful.
What are the Options for Late or Unfiled FBARs?
We specialize exclusively in international tax, and specifically IRS offshore disclosure.
We have successfully represented clients in more than 1,000 streamlined and voluntary offshore disclosure submissions nationwide and in over 70-different countries. We have represented thousands of individuals and businesses with international tax problems.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.
- Learn more about the Board-Certified Tax Lawyer Specialist credential
- Learn more about the Enrolled Agent credential
- Learn more about Golding & Golding’s Case Accomplishments
- Learn more about Golding & Golding Testimonials from prior clients
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants and Financial Professionals worldwide.
Less than 1% of Tax Attorneys Nationwide Are Certified Specialists
Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.
Recent Golding & Golding Case Highlights
- We represented a client in an 8-figure disclosure that spanned 7 countries.
- We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
- We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
- We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
- We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
How to Hire Experienced FBAR Counsel?
Generally, experienced attorneys in this field will have the following credentials/experience:
- Board Certified Tax Law Specialist credential
- Master’s of Tax Law (LL.M.)
- Dually Licensed as an EA (Enrolled Agent) or CPA
- 20-years experience as a practicing attorney
- Extensive litigation, high-stakes audit and trial experience
Interested in Learning More about Golding & Golding?
No matter where in the world you reside, our international tax team can get you IRS offshore compliant.
Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.
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. He has also earned the prestigious IRS Enrolled Agent credential. Mr. Golding's articles have been referenced in such publications as the Washington Post, Forbes, Nolo, and various Law Journals nationwide.