Form TDF 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) should be filed if the aggregate balances of such foreign accounts exceed $10,000.00 at any time during the year. The FBAR covers a calendar year and should be filed no later than June 30th of the following year. The FBAR prevents attempts by U.S. persons to avoid taxes by hiding money offshore.
The IRS is working hard to uncover taxpayers who have not disclosed foreign income and foreign accounts. We can get you in compliance with your FBAR obligations, and minimize the chance of any criminal investigation or imposition of civil penalties.
The IRS has recently established a program for taxpayers to voluntarily come forward and disclose unreported foreign income and foreign accounts under an amnesty program. The program is available until August 31, 2011. Taxpayers who avail themselves of this program will be required to follow certain filing procedures in exchange for not being subject to criminal or civil fraud penalties. Let our experience work for you to avail you of the benefits of this amnesty program.
For a prompt evaluation of your case, we encourage you to contact us using our toll-free number at (866) 437-3725.