Make FBAR Filing Easy with an Expert Tax Planning Agency
1. Make FBAR Filing Easy with an Expert Tax Planning Agency
The guidelines and rules for FBAR are applicable to a “United States individual” with an overseas
financial interest that surpasses $10,000. The term “United States Individual” is comprised of
residents, citizens and entities for instance partnerships, corporations, restricted liability enterprises
or even similar enterprises set up under the United States laws. The Estates are subject to disclosure
rules, as are trusts comprising cases where trust income, credits and deductions can be reported by
another taxpayer under the income tax policies,
The disclosure requirements get triggered the moment the highest aggregate value of the accounts
of the “United States Individual” surpasses the limit of $10,000 any time during a year. The highest
value is the biggest amount of assets appearing in frequent account statement issues for the year
that is applicable. With regards to the funds that are withheld in foreign currency, the estimation of
the highest value is evaluated by shifting the account into U.S dollars, utilizing the Treasury
Department’s Financial Management Service rate from the last day of the year.
In order to encourage the FBAR fillings, the IRS Amnesty provided a voluntary program way back in
2009, termed as the Overseas Voluntary Disclosure Program (OVDP). The OVDP thus offered the
scope for minimizing reporting penalties for the ones who came forward under its terms. The IRS
further provided a second voluntary disclosure that gave the taxpayers who earlier did not fulfill the
reporting rules one more chance to be compliant. Under the FBAR guidelines, the reportable
financial accounts include the following:
● Bank accounts i.e. Saving, Current, Fixed Deposit and many more
● Securities or brokerage account
● An account with a person that acts as a broker/dealer for forthcoming transactions
● An account with a person in the business of accepting deposits as a financial agency
● Insurance or annuity policy with cash value (LIC, ULIP)
● Public provident fund or PF
● Shares in a mutual fund or similar pooled fund
● Gold kept in locker facility provided by the bank
2. In order to have a streamlined FBAR filing and stay away from penalties, it is suggested that you
resort to the expert services offered by a tax planning agency in the U.S. Efficient tax planning
agencies provide an in-depth insight regarding the tax code that is applicable to the U.S resident
individuals, comprising the Green Card Holders and US Citizens. Furthermore, it helps customers
with:
● Consult and impact Analysis
● Analysis and planning to minimize FBAR Penalty
● AMT Strategies and Foreign Tax Credit
● Mutual Fund or PFIC computations
● Form preparations needed for participating in OVDP program
● Preparation of Tax Amendments and Delinquent FBAR
Leading U.S tax planning agencies with all these specialized services results in complete compliance
and a hassle free FBAR filing for the customer.
Read More About: business tax return, Foreign Bank Account, 1031