FBAR filing requirements are a constant challenge. Even with the best of intentions, you could find yourself in a dispute with the IRS or another revenue agency that carries serious consequences.

Get the help you need by working with the skilled attorneys at Frost Law, led by Glen Frost (Esq., CPA, CFP®, and LLM in taxation). His team of attorneys has helped clients from around the world resolve their FBAR tax reporting issues.

Call (443) 545-3023 or fill out our brief form for a confidential consultation.

During your initial consultation, we’ll examine:

• Your FBAR violations
• FBAR late filing penalty
• Delinquent FBAR submission procedures
• Ways to fulfill FBAR reporting

What Are Your FBAR Obligations?

FBAR stands for “Foreign Bank Account Report,” and refers to FinCen Form 114, Report of Foreign Bank and Financial Accounts.

FBAR added new obligations for some U.S. taxpayers who have ownership or control (for example signature authority) of foreign accounts with an aggregate value of over $10,000 in the calendar year: typically, taxpayers in that situation might have an FBAR filing required.

If you’re uncertain about how the disclosure requirements apply, we can help you identify your options and make a decision on the best course of action going forward.

How The IRS Investigates FBAR Violations Which Lead to FBAR Penalties

After a foreign bank reports the non-compliant taxpayer’s account information to the foreign taxing authority, the information is then provided to the U.S. Dept Treasury. For those countries without intergovernmental agreements (IGAs), the account holder’s information will be sent directly to the U.S. Dept of Treasury. Or the IRS may have discovered the non-compliance based on stated or implied sources of foreign income on filed tax returns or information forms. Regardless of how the IRS obtains the information, what could follow is an investigation by an IRS examiner of the potential FBAR violation(s).

FBAR violations lead to civil and/or criminal penalties. The monetary penalty may not exceed $10,000 per violation; however, where the violation is willful, the penalty is the greater of $100,000 or 50% of the balance in the account on the date of the violation.

Get your free consultation from our attorneys who will guide you on how to navigate FBAR issues and protect your investments while ensuring legal compliance.

Delinquent FBAR Submission Procedures

The Delinquent FBAR Submission Procedures are one of the programs available under the Offshore Voluntary Disclosure Program (OVDP) for taxpayers with unreported foreign financial accounts to come into compliance.

Get Clear Next Steps for FBAR Issues

Protect your investments and gain clarity into the disclosure requirements that are causing you undue frustration by letting the team of dual-licensed tax attorneys and CPAs at Frost Law help you today.

Frost Law can help you with common international tax problems such as:

• Filing requirements
• Penalties and violations
• Reporting thresholds
• Voluntary disclosures
• Investigations and other international tax issues

No matter how the dispute arose with the IRS or another agency, what’s important now is to assert your interests and find a solution that makes sense for your situation. Let us help.

Protect Yourself and Your Foreign Assets

Complete the form or call (443) 545-3023 today to arrange a confidential consultation with experienced, dual-licensed tax lawyers and CPAs.

Frost Law serves clients across the country and around the world.