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FBAR & FATCA Services

FBAR & FATCA SERVICES

FBAR (Report of Foreign Bank and Financial Accounts)

FBAR, mandated by the U.S. Treasury, requires individuals and entities with foreign financial interests to report them accurately. Key points include:

Reporting Requirement

U.S. citizens, residents, and certain businesses must report foreign accounts exceeding $10,000 to FinCEN.

Filing Deadline

FBAR filings are due by April 15th, coinciding with the tax deadline.

Penalties

Failure to file can result in substantial fines and even criminal charges.

Form FinCEN 114

Reporting is done using FinCEN Form 114, detailing account information.

Disclosure Programs

Non-compliant individuals can enter IRS disclosure programs.

FATCA (Foreign Account Tax Compliance Act):

FATCA combats offshore tax evasion by requiring foreign financial institutions (FFIs) to report on accounts held by U.S. taxpayers or entities with substantial U.S. ownership. Key points include:

Reporting by FFIs

FFIs worldwide must report U.S.-related accounts to the IRS.

Withholding

Non-compliant FFIs may face a 30% withholding tax on certain payments.

Individual Reporting

U.S. taxpayers must report foreign assets exceeding specific thresholds using Form 8938.

International Agreements

IGAs with other countries facilitate FATCA implementation and information exchange.

Compliance Requirements

FATCA imposes compliance burdens on both taxpayers and FFIs to enhance transparency and reduce offshore tax evasion.

Both FBAR and FATCA are crucial in ensuring tax compliance and preventing evasion, with serious consequences for non-compliance. Stay informed and meet your obligations.

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