Foreign Bank Account Reporting

If you have non-U.S. bank accounts totaling $10,000 or more, you're required to file FBAR (FinCEN Form 114) with the United States Treasury Department. Failure to file FBAR can bring high tax penalties and interest so make sure to file on time by working with Jeffery Davidson & Associates. We specialize in helping taxpayers accurately file FBARs for income reported on their tax returns.

Who needs to report FBAR? FBAR filings are often necessary for those who have financial interest or signature authority over foreign financial accounts like bank accounts, trusts, and mutual funds. If any of these accounts exceed $10,000 at any point during the calendar year, you need to file an FBAR, even if you have reported the income on your annual tax return. This applies to U.S. residents, U.S. citizens, entities, corporations, partnerships, LLCs, trusts, and estates. A person holding an account that produces no taxable income can sometimes also be obligated to report it so it's always a good idea to check with a qualified CPA if you hold any foreign financial accounts.

FBAR tax filing services:

• Form 114 preparation and filing
• International tax planning for individuals
• U.S. expat tax services
• Foreign tax credits for U.S. expats

If you have questions about the tax obligations associated with your foreign accounts or if you are already late in filing your FBARs, we can help. Don’t delay! Call us at 281-238-4442 now or request a free consultation online.