Foreign Bank Account Report (FBAR) Filings
If you are a resident alien working in the U.S., it is likely that you have at least one bank account in another country. Unfortunately, your foreign bank account could result in disastrous legal consequences for you, including criminal charges, if you fail to fulfill the reporting requirements for your foreign assets.
If your foreign bank account has a balance that exceeds $10,000, you are required to report your account to the IRS. Failure to report your worldwide income can have a devastating effect on your life and your finances: You could face both criminal prosecution and a penalty of 27.5% of the balances in the accounts.
A foreign bank account report filing, or FBAR, is a filing separate from your federal tax return. It requires you to disclose all information regarding your foreign bank account, including balances, adjusted reported interest, and U.S. conversion metrics. FBAR filings are not only extremely time-sensitive, as criminal prosecutions happen quickly, but also extremely complicated. If done incorrectly, or not at all, you could lose much more than money: Your freedom and your ability to continue working in the U.S. could be seriously compromised.
Key Tax Group helps protect your assets at home and abroad
At Key Tax Group, we understand the urgency and importance of correctly filing your FBAR with the IRS. We specialize in FBAR cases and have the knowledge you need to protect your assets at home and abroad. Our dedicated team of tax attorneys, enrolled agents, and support staff have the experience and expertise to quickly get your accounts in compliance with IRS regulations before your financial future is jeopardized.
Pursue the American Dream and protect your foreign assets with Key Tax Group
With your freedom, finances, and ability to work in the U.S. on the line, don’t let unreported assets ruin your chance of pursuing the American Dream. At Key Tax Group, we will get your FBAR filed fast to protect you and your assets. To learn more about how we can protect your foreign assets, contact the tax professionals at Key Tax Group for your free consultation today.