Most_Frequently_Asked_Questions_about_FBAR_Filing_Answered

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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

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GordonLawLtd.com

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Seeking information about FBAR Filing Well you are at the right place. Today we have decided to share some vital information on this subject. Every taxpayer who is engaged in some cross-border activities should know about the importance and criticality of the FBAR Filing. Don’t consider it a part of your routine annual tax returns filing. It is something entirely different. In reality it is not something general in nature. As a taxpayer who don’t have any foreign financial account or another kind of assets outside the USA you don’t have to do anything across the FBAR. So let us proceed with some of the most basic FAQs. Luckily speaking the filing procedure of this report is quite a simple one. As an individual or even in the case of filing as a group of persons what all you need is the submission of an online or e-form. Here it is important to know one thing. The entire of FBAR filing system is managed directly by FinCEN. In other words the IRS is not directly involved in this procedure. For more information you can always contact someone from an established firm just like Gordon Law Group. Yes The FBAR filing is only one option. In case if you don’t want to proceed with this one then don’t worry. We still have several other options available. As we mentioned above the IRS is not relevant in case if you are going for an FBAR. However they do have their procedures. Taxpayers can think about taking part in the OVDP. Another option that remains available is the filing of delinquent tax returns

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Definitely Anyone who do have cash or other assets with a net value of less than 10K then they can enjoy an exemption. But those who are owing more than that should consider FBAR Filing. This activity is done on an annual basis In some cases the bearer of financial accounts can enjoy some degree of exemption. However the same is not true for the individuals having funds or external elsewhere. Let us include some examples  Those who are already a part of a consolidated FBAR are not liable for a separate filing  Foreign accounts held and maintained by governmental entities can enjoy an exemption from FBAR filing  Offices of the international firms are not accountable for declaring the details of their foreign assets and accounts

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The highest value of the financial account under consideration is reported using this process. In the light of the available guidelines every account maintained by a US citizen in a financial institution usually a bank located on the premises of the United States is needed to be reported. Well willfully avoiding this practice and keeping your foreign accounts hidden are considered as a criminal offense. The IRS and other financial regulation bodies do have strict procedure and rules for dealing with such taxpayers. Let us provide you with a few kind of penalties so you can understand how dangerous it could be for you  Those who lagged behind willfully could face fines up to 10000.  Much higher penalties are levied against those who willfully kept themselves from declaring their foreign assets. The value of a penalty could be up to 500000.  In some cases 50 of your entire outstanding could also be claimed by the FinCEN

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Yes FBAR filing is a provision provided and maintained by the FinCEN. The IRS on the other hand has their arrangements available. Those who failed in filing their FBARs can think about proceeding with options like Amended and Delinquent tax returns. In addition to this a very particular program Offshore Voluntary Disclosure Program is also available these days. So discuss your case with a good lawyer before finally moving on with the FBAR Filing. FBAR Filing Website https://www.gordonlawltd.com/tax-law/fbar-filings/

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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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