Foreign Bank Account Reporting

Professional Foreign Bank Account Reporting Services

Take the stress out of foreign bank account reporting when you choose our certified accounts. Contact us today. 

Simplify Your Foreign Account Reporting

Do you have significant assets located in a foreign account? Are you an American citizen living abroad with bank accounts in the country you live in? You may need to file an annual Report of Foreign Bank and Financial Accounts or FBAR. 

Reporting foreign bank accounts can add an additional layer of complexity when filing your taxes, but the team at International Tax Consultants is here to help. We can help you determine whether or not you need to file an FBAR and help you navigate the entire process to ensure that your taxes are correctly filed. 

This will ensure that you are in compliance with IRS regulations, so you are not penalized. If you need help with foreign bank account reporting or have multiple foreign assets, contact us today for expert service. 

What You Need to Know About Reporting Foreign Bank Accounts

Reporting foreign bank accounts can feel daunting, but it doesn’t have to be. Here is everything you need to know about the entire process. 

What Is an FBAR?

An FBAR is a report you file yearly to declare all your foreign accounts when the total in these accounts exceeds $10,000. This form allows you to report all your foreign assets to the federal government. 

 However, you don’t file this form with the IRS. Instead, you file it with the U.S. Treasury Department’s Financial Crimes and Enforcement Network (FinCEN.) This is to prevent people from evading their taxes by hiding money in offshore accounts or using it to fund illegal activity.

What Is the Penalty for Not Declaring a Foreign Bank Account?

The penalty for not declaring a foreign bank account can include up to 50% of the money in those foreign accounts, up to a $250,000 fine, and up to five years in jail, so it is essential to ensure that these are correctly filed. We can help you identify all the accounts considered foreign and determine whether or not you need to report them. 

Who Needs to Report Foreign Bank Accounts

If you are living in the United States or are a United States citizen living abroad and have money or other assets in a foreign or non-US bank account, in many cases, you need to report your foreign bank accounts on your taxes. 

The United States government requires you to report these accounts if the total of these accounts exceeds $10,000. This can include retirement accounts and foreign mutual funds, so it is always best to check with an accountant, even if you don’t have a bank account in a foreign country. 

You may also need to file an FBAR if you have a significant financial stake in foreign bank accounts that exceeds $10,000, even if you are not the sole owner of the account. We can help you determine if you need to file based on your accounts. 

What Accounts Do I Need to Report

When many people think of foreign accounts, they may be thinking of offshore banking accounts. However, you may also need to report foreign-owned investments, stocks, and other products. Some accounts you may need to report include:

  • Personal bank accounts held in a foreign country
  • Accounts that are held in a foreign branch of an American-based bank
  • Stocks and other equities in foreign accounts
  • Foreign life insurance policies, mutual funds, annuities, and retirement accounts
  • Accounts that you manage

These are just some of the accounts you may need to report. That is why it is always best to check with a trusted tax professional to determine if you need to file an FBAR.

What Accounts Are Exempt 

Several different types of accounts are exempt from FBAR filing requirements. These accounts include: 

  • Accounts with certain international financial institutions
  • Accounts from United States government entities or military bank accounts
  • Correspondent accounts
  • Certain custodial bank accounts 
  • Certain IRA accounts and tax-exempt retirement plans

We can help you determine if your accounts are exempt and take that into consideration as we assess the total value of your foreign accounts. 

How Our FBAR Filing Process Works

Step 1: Assessing Your Foreign Accounts

We’ll start by reviewing all your foreign-held assets to determine if the value of your foreign accounts exceeds $10,000. We’ll also ensure that none of your accounts are exempt from FBAR reporting. 

Step 2: Filing Your FBAR

Once we have determined the value of these accounts, we will prepare your FBAR and submit it to FinCEN. Even though you do not send your FBAR to the IRS, the filing deadline is still April 15, or that year’s tax deadline. However, if you need additional time, we can help you file an extension. 

Step 3: Get Peace of Mind

When you choose the team at International Tax Consultants, you get peace of mind knowing that your FBAR is filed correctly, allowing you to avoid costly fees and expenses. Contact us to schedule your initial consultation today. 

At International Tax Consultants, we help foreign investors and expatriates successfully navigate their taxes so they can avoid IRS penalties without paying more than they need to in taxes. We offer international tax planning, tax preparation, and other services for clients with significant offshore investments. 

Our team is here to help with all your filing needs and can help you stay up to date with all the latest regulations regarding taxes on foreign assets. Contact us today to learn more about our team and all of our services. 

What Our Clients Are Saying

“I have over 100 speaking engagements a year and I have to tell you, ITC’s presentations on international tax planning took us over the top.  All the meticulous details from personal interaction with foreign investors to the level of excellence with the sessions and conference organization… it was exceptional.”

How Much Do Our Foreign Account Reporting Services Cost?

Our FBAR filing services can be part of our tax preparation services or a stand-alone service. We’d be happy to tailor any of our services to your exact needs. Contact us today for an exact quote. 

Ready to File Your FBAR?

If you need help filing your FBAR or need additional guidance on foreign bank account reporting, we are here to help. Contact us today to schedule your consultation. 

Call 866-829-4685 today!