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4.8  of 1000+ reviews by Trustpilot   ✔ Tax returns for both US and abroad
4.8  of 1000+ reviews by Trustpilot   ✔ Tax returns for both US and abroad
4.8  of 1000+ reviews by Trustpilot   ✔ Tax returns for both US and abroad
4.8  of 1000+ reviews by Trustpilot   ✔ Tax returns for both US and abroad
4.8  of 1000+ reviews by Trustpilot   ✔ Tax returns for both US and abroad
4.8  of 1000+ reviews by Trustpilot   ✔ Tax returns for both US and abroad
4.8  of 1000+ reviews by Trustpilot   ✔ Tax returns for both US and abroad
4.8  of 1000+ reviews by Trustpilot   ✔ Tax returns for both US and abroad
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Newsletter

FBAR

The good news is that there is no tax due on an FBAR. The bad news is that the penalties for failing to report or misreporting are extremely high.

FinCEN Form 114

FBAR, also known as FinCEN Form 114, is a Report of Foreign Bank and Financial Accounts. This form is used to report a financial interest in a foreign financial account or signature authority over a foreign financial account. If the total value of the foreign financial accounts exceeds $10,000 at any time during the calendar year, it must be filed.

The FBAR must be submitted electronically via the Financial Crimes Enforcement Network (FinCEN) website and is due on the same day as your individual income tax return, including extensions. It is important to note that filing an FBAR is separate from reporting foreign financial assets on your tax return, and failure to file an FBAR can result in significant penalties.

The IRS compares the information in this report to the information received from all foreign financial institutions and corporate and individual tax returns. These pieces of information must then match.

Mutual exchange of financial data between countries is now commonplace, but it is a burden for the average citizen who does not always consider this.

Expats Overseas

Expats Overseas has a large network of CPAs with the necessary qualifications, experience, and cost-effective services. Contact us for a free and no-obligation discussion of your options.

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