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Foreign Bank Account Report (FBAR) Filings in Wilmington
Resident aliens working in Wilmington often have a bank account in another country. If this is you, your foreign bank account could cause legal consequences, including criminal charges, if you don’t complete the IRS reporting requirements for foreign assets on time.
Foreign bank accounts with balances over $10,000 are required to be reported to the IRS. If you fail to report your other income, you could receive a 27.5% penalty on the balance of your account(s) and even face criminal prosecution.
Foreign bank account report (FBAR) filings are filed separately from your federal tax return. You are required to disclose your foreign bank account’s balance, adjusted reported interest, and U.S. conversion metrics. FBAR filings can be complicated and are extremely time-sensitive. If the filing is completed incorrectly, you could face losing money or criminal prosecutions affecting your ability to continue working in the U.S.
Allow Key Tax Group to help protect your foreign assets.
Need help completing your FBAR filings in Wilmington? Mistakes or delays can cost you. At Key Tax Group, we specialize in helping our clients complete the FBAR filing process to protect their assets at home and abroad. Our team of professional tax attorneys, enrolled agents, and support staff have the knowledge and experience to make sure your accounts are fully compliant with IRS regulations.
Key Tax Group helps protect what’s yours while you pursue your dreams.
Unreported assets could put your freedom, finances, and ability to continue working in the U.S. at risk. Don’t let this reporting ruin your pursuit of the American dream. Rely on Key Tax Group to get your FBAR filed quickly and correctly to make sure you and your assets are protected. Contact us today to learn how we can help file your FBAR and protect your assets.