Expert guidance for foreign account reporting and compliance
Report of Foreign Bank and Financial Accounts (FinCEN 114)
Foreign Account Tax Compliance Act (Form 8938)
Avoid severe civil and criminal penalties
Catch up on missed filings with reduced penalties
Simple steps to ensure compliance and avoid penalties
We assess if you meet the $10,000 filing threshold
30 minutesCollect account statements and foreign asset information
1-2 daysWe determine the highest balance in each account during the year
2-4 hoursSubmit FinCEN Form 114 electronically to the Treasury
Same dayReceive BSA E-Filing confirmation for your records
CompliantIf an American has more than $10,000 in aggregate bank accounts outside of the country at any point in the year, they are required to file the Foreign Bank Account Report (FBAR).
Although FBAR has been in effect since 1970, its enforcement has stepped up recently as the US has focused more on recovering taxes from the money and investments of US citizens abroad.
The following information regarding the declared accounts must be kept for six years after the FBAR (Form 114) is filed online:
A complete list of all foreign account numbers
The name listed on every account
Name and location of the foreign institution(s)
Highest balance in each account for the tax year
FBAR (FinCEN Form 114): Filed with the Treasury Department's Financial Crimes Enforcement Network. Required if aggregate foreign accounts exceed $10,000 at any time during the year.
FATCA (Form 8938): Filed with your federal tax return to the IRS. Required for higher thresholds (varies by filing status and residence). Includes additional foreign assets beyond just bank accounts.
The penalties for failing to file FBAR can be severe:
Up to $10,000 per violation for unintentional failure to file
Greater of $100,000 or 50% of account balance per violation
Up to $250,000 fine and/or 5 years imprisonment for willful violations
We ensure accurate filing to avoid all penalties
If you haven't filed FBARs because you didn't know you had to, we can help you use the Streamlined Procedure to catch up with reduced penalties.
Come to United Taxes if you haven't filed because you didn't know you had to. We have a team of specialists in FBAR filing and Streamlined Procedures. As a leading provider of tax services, United Taxes has clients in more than 150 nations.
Common questions about FBAR and FATCA compliance
Any U.S. person (citizen, resident, or entity) with a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year must file an FBAR.
FBAR (FinCEN Form 114) is filed separately with the Treasury Department and has a $10,000 threshold. FATCA (Form 8938) is filed with your tax return to the IRS and has higher thresholds that vary by filing status. FATCA also covers additional foreign assets beyond bank accounts.
The IRS offers Streamlined Filing Compliance Procedures for taxpayers who were non-willful in their failure to report. This program allows you to catch up on filings with reduced or eliminated penalties. We specialize in helping clients navigate this process.
FBAR reporting includes bank accounts, securities accounts, mutual funds, and other financial accounts held outside the U.S. This includes accounts over which you have signature authority even if you have no financial interest in them.
The FBAR is due April 15th each year, but an automatic extension is granted to October 15th. Unlike tax returns, this extension is automatic - you don't need to file any additional forms to receive it.
Get compliant today with expert FBAR and FATCA filing assistance.