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Reporting your overseas accounts through FBAR filing is an important part of your tax return process. Dealing with an overseas account can be challenging. Since the IRS has recently changed their rules regarding FBAR filing, the IRS offers minimized penalties to taxpayers who come forward with information about their overseas accounts. Consider hiring a tax professional can help you with FBAR filing to get things in order on your account. Give us a quick call at (847) 580-1279


Presentation Transcript

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Well FBAR Filing is one of the most important practices in perspective of those taxpayers who do are maintain foreign accounts. In short it is a way of having your foreign wealth declared. FBAR filing is a practice that should have to be completed within a certain time limit. Well beyond that deadline you may become subject to hefty fines. In short FBAR filing is something related to a very specific group of taxpayers. In case if you are the one who don’t have any foreign wealth than it is not for you. Not only is this but there is a threshold defined as well. In the current scenario taxpayers who don’t have a sum of more than ten thousand dollars in their foreign accounts are not liable for reporting. Individual’s taxpayers who are maintaining foreign accounts on their own should proceed with by choosing the appropriate form. After logging into the FinCEN website and entering in the FBAR filing section you will be asked for accepting one out of the two available form. One of the forms is designed for joint filers. Thus don’t pick that one. Taxpayers who do have several accounts and different kind of assets can submit a single consolidated report. The entire of this process has to be repeated and revised yearly. Do keep in mind no extensions are granted for completion of this procedure. These days 3oth of June is assumed as the final day for filing of an FBAR. The FinCEN is not going to accept any such report later than that. So encircle this date on the calendar of your office. Today`s the technology has made it easy for us and you can also proceed with some reminders on your smartphones.

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The entire of this process is designed for an achievement of some specific goals. In short reporting through FBAR is a way of declaring whatever foreign assets you hold. By law it is a requirement. Every taxpayer including businesses and individuals are required for a submission of this report. Some exceptions however are kept. But as far as commoners are concerned no such exception is available. Governmental organizations and multinational firms can enjoy the liberty of holding undeclared foreign accounts. Don’t feel biased An extensive and vigorous procedure is available for the auditing of such accounts. It is in fact an easy thing. FBAR and its preparation will not take a lot of your time. Just keep all your records ready and prepared. You are going to need your basic personal information and some information about your foreign assets and that’s all. The Filing Procedure As mentioned earlier a very straightforward and swift procedure is available for the filing of this report. In most cases no anything like an extensive paperwork or so will be a part of this activity. Just log on to the FinCEN website and there you will find adequate instructions. Keep following their instructions till the completion of the procedure. However we believe as a taxpayer you should consider the hiring of an attorney. They come with an advanced knowledge and experience towards these things. At the end of the day even a simple error can bring several kinds of difficulties in your life. So keep yourself away from all these technicalities. Don’t know much about this stuff Don’t worry and hire someone from Gordon Law Group. They have a separate team to address FBAR related issues. Conclusion Today we learned about the preparation and filing of FBAR. In short it is one of the most critical activity when we speak in perspective of taxpayers who are retaining wealth abroad. Nothing else than an internet connection and some basic information is needed for the completion of this process. But we don’t consider it as easy as federal tax returns filing. FBAR Filing is an activity

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that is quite a crucial one. We believe everyone who has foreign assets should consider complying with the laws. In case if you don’t have ever filed an FBAR than proceed with something like a delinquent returns filing. FBAR Filing Website https://www.gordonlawltd.com/tax-law/fbar-filings/ Address Address: 400 Central Ave Suite 340 Northfield IL 60093 Phone: 847-580-1279 Fax: 847-305-1202 Email: abggordonlawltd.com

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