FBAR – FinCEN Preparation Services
What’s an FBAR?
It is required for U.S. citizens who live abroad to make an annual reporting of their foreign financial account to the U.S. Government. This report is made by filing the Report of Foreign Bank and Financial Accounts known as FBAR.
The tax professionals at Abbo Tax can assist in the complicated and dissimilar process of filing FBAR. Although it is now mandatory to use the FinCEN online system called the BSA E-Filing System to file these forms, it is not possible to upload any additional documents, nor attach any statements together with the new form. Instead, it allows for a section for third-party preparer information. Let Abbo Tax CPA help you file your form with our FBAR – FinCEN Preparation Services and avoid any confusion that may follow.
Who needs to file it?
Here are some of the regulations for filing the FBAR:
- The person filing an FBAR form needs to report any ownership of 10% or more of a controlled foreign corporation or partnership
- The term “United States person” refers to any U.S. citizen or resident
- Persons who own or benefit of individual retirement accounts (IRA), as well as participants in or beneficiaries of qualified retirement plans are not required to report foreign financial accounts held in the IRA or retirement plans
- It is not required to be reported any foreign financial account that belongs to a U.S. governmental entity
Asking for Specialized Help
If you are a U.S. person living abroad, you may be required to file an FBAR form. Though it is now completed electronically and may seem easy to file, ask for help from Abbo Tax CPA and our FBAR – FinCEN Preparation Services to ensure that your form is completed correctly and contains all the required information. We can offer help and advice on the different processes that need to be in state prior to filing and inform you on what to expect in the future.
Don’t wait until it’s too late. Contact Abbo Tax CPA and schedule a consultation.