EPF & FBAR Reporting (Employee Provident Fund)

EPF & FBAR Reporting (Employee Provident Fund)

EPF & FBAR Reporting (Employee Provident Fund)

Is the EPF FBAR Reportable? A common question we receive involves the reporting of the Indian EPF (Employee Provident Fund) on the FBAR. The FBAR is Foreign Bank and Financial Account Reporting Form (aka FinCEN Form 114). While the EPF is a form of pension, generally the EPF is reportable on the FBAR. 

In recent years, the IRS has significantly increased enforcement of foreign accounts compliance, including trusts and pensions.

There is a misconception that there is an Agreement between India and the U.S. (FATCA) that exempts the reporting of the EPF.

This is inaccurate. Rather, the agreement between the U.S. and India exempts the Reporting by Indian Institutions to the U.S. of EPF Accounts for members who are U.S. Persons.

The agreement does not impact the Individual Employees responsibility under FBAR.

Unreported EPF on the FBAR

The non-reporting of the EPF on the FBAR is not fatal.

The extent of amnesty required will depend on various factors, using the totality of the circumstance test.

For example, was the EPF the only unreported account, or were there multiple accounts missing. Likewise, if the FBAR was never filed, it will be more of an undertaking.

Golding & Golding: About Our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure. 

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.

Each case is led by a Board-Certified Tax Law Specialist with 20 years of experience, and the entire matter (tax and legal) is handled by our team, in-house.

*Please beware of copycat tax and law firms misleading the public about their credentials and experience.

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:

  • 20-years experience as a practicing attorney
  • Extensive litigation, high-stakes audit and trial experience
  • Board Certified Tax Law Specialist credential
  • Master’s of Tax Law (LL.M.)
  • Dually Licensed as an EA (Enrolled Agent) or CPA

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.