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Foreign Bank Account Report (FBAR)

FBAR Filing Requirements

U.S. citizens and residents are required to make a separate filing, as are certain non-residents who have a financial interest in or signature authority over any “financial accounts” in a foreign country. This requirement applies if the aggregate value of these accounts exceeds $10,000 at any time during a calendar year.

There are two types of penalties applicable to FBARs - Non-Willful and Willful. It should be noted that the penalties can be assessed per account and not per FBAR. Additionally, the penalties are assessed for each year there is a violation. A common misconception is that if each account is under $10,000, no filing is required and this may not necessarily be the case as you have to consider the total aggregate balance of all accounts.

HOW WE HELP YOU

Freed Maxick is poised to assist you in assessing your FBAR filing requirements, assimilating the necessary information and preparing your current and past due FBARs. Because of our Buffalo, New York location’s proximity to the southern edge of Canada, we work with many Canadian companies doing business in the United States.

If you have an FBAR concern, please contact a member of our International Tax team. We have helped many taxpayers navigate through the Offshore Voluntary Disclosure Program (OVDP) and Streamlined Filing Procedures Programs with no penalties.

Your Expert

William S. Iannarelli, CPA

Director

Are you looking for Foreign Bank Account Report Services from a New York CPA firm?

If so, simply fill out the form below or call us at 716.847.2651 for more information.