Did You Make a Mistake on your FBAR
FBAR Problems: The FBAR is the Foreign Bank and Financial Account Form aka FinCEN Form 114. The form is not incredibly difficult to prepare, but it must be completed timely and complete. Otherwise, U.S. account holders face potential IRS fines and penalties — which can be significant. As International Tax Lawyers who specialize in Foreign Bank Account Reporting, we have consulted thousands of taxpayers on FBAR issues. The most common misconception is that due diligence means it must be perfect, but it doesn’t.
Due Diligence Does not Mean Perfection
Due Diligence does not mean perfection. It means you have to put your best foot forward with compliance. Not filing just because you do not have all the information you need is not a sufficient reason. This is especially because the FBAR allows taxpayers to mark the highest balance unknown.
If you believe you have some complications, it is important to consult with a specialist before making an incomplete submission or avoiding filing altogether.
Golding & Golding: About Our International Tax Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure.
Contact our firm today for assistance with getting compliant.