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FBAR Filing

US Citizens or Residents are required to report foreign financial accounts that have a cumulative balance of over $10,000.00 at any point during the year.

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To determine if you meet the filing threshold, take the highest balance for the year for every foreign account you own and add them together. If the total exceeds $10,000.00, you are legally required to report these accounts.

Very Important

How is this Reported?

FBAR accounts are reported alongside your tax return. While most CPAs can handle reporting foreign accounts for the current year moving forward, past mistakes require an expert approach.

If you have unreported accounts, you must prepare and file amended returns reporting the highest balances for each missing tax year. Guardian Tax Law can guide you through the process to ensure full compliance with federal requirements for your late or missed FBAR filings.

Very Important

What are the Compliance Options?

The Streamlined Application: If you meet the non-willful standard, a successful Streamlined Application will protect you from IRS investigations and prosecutions.

Quiet Disclosure: If you do not meet the non-willful standard, the alternative is to amend past returns, report accounts moving forward, and pay all penalties or fees in full. However, the IRS frowns on quiet disclosures and provides no protection from investigation or prosecution for non-disclosure.

⚠️ Critical Factor

CRITICAL PENALTY WARNINGThe IRS is actively investigating and pursuing non-disclosure cases, enforcing incredibly tough penalties. Failing to properly report your foreign accounts can result in civil penalties as high as 50% of the entire asset, as well as severe criminal penalties that can include imprisonment.

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Take the first step toward resolving your tax burden with total confidentiality.