Do you have foreign bank accounts? It’s important to file a report of foreign bank and financial accounts as part of your tax return. Lack of foreign bank account reporting can get you hit with a variety of IRS penalties. Luckily, Munoz & Company, CPA, is standing by to assist with FBAR filing whether you’re coming to us as an individual or as a representative of a business. I have ample experience with FBAR reporting, and I’ll be able to walk you through the process with ease. Contact Munoz & Company, CPA, now to learn more about FBAR filing requirements, and to schedule your initial consultation!
You’re required to file IRS FBAR if:
- You’re a U.S. citizen, resident, or entity such as a corporation or LLC.
- You have a financial interest in or signature authority over at least one financial account (such as a bank, brokerage, mutual funds, or trust account) located outside the U.S.
- The aggregate value of all foreign accounts exceeded $10,000 at any point during the calendar year.
As soon as you realize you meet those qualifications, get in touch with Munoz & Company, CPA, to get our professional help with FBAR filing. I can guide you through the paperwork, help you gather backup materials, and assist you in avoiding FBAR penalties and fines. If you’ve failed to file or misfiled FBAR forms in the past, I’m your go-to source for penalty resolution. Among tax help companies in the greater Orlando area, Munoz & Company, CPA, has what it takes to make foreign bank account reporting a whole lot easier.
Recent Changes to FBAR Filing Requirements
The IRS has recently made changes that have streamlined FBAR reporting procedures, especially for delinquent reports. It is now much easier to file amended and late IRS FBAR paperwork and to resolve penalties that have been placed on your account. I can help you determine your eligibility for this streamlined process. In general, this new FBAR submission format is open to you if:
- You certify that your failure to report income was not willful.
- You are not currently under civil or criminal examination by the IRS for any taxable year.
- You have paid any previous penalties related to foreign account reporting.
- You possess a valid taxpayer identification number (TIN).
It’s my job to make tax time as smooth and hassle-free as possible for all of my clients. Filing a report of foreign bank and financial accounts won’t be nearly as stressful when you have Munoz & Company, CPA, on your side. As a licensed CPA and CTRS, I put quality workmanship and professional customer service first on every case. Call today to discuss your needs and to schedule your free initial consultation.