The IRS is searching for individuals and businesses who have failed to report foreign income. If your Foreign Bank Accounting Report (FBAR) filing is late, contact the tax professionals at BAYSHORE CPA’S, P.A. located in Mooresville, NC. Bayshore CPA’s can assist taxpayers who have neglected to file FBARs for income reported on their tax returns. If the IRS is coming after you for high penalties and interest, do not ignore them. Turn to Bayshore CPA’s for help in finding a way to resolve your foreign tax problems before they get out of hand.
Who Needs to Report FBAR?
FBAR filings are often required for those who have financial interest or signature authority over foreign financial accounts like bank accounts, trusts, mutual funds, and other types of foreign accounts. If any of these accounts exceed $10,000 at any point during the calendar year, you need to file an FBAR, even if you have reported the income on your annual tax return. This applies to U.S. residents, U.S. citizens, entities, corporations, partnerships, LLCs, trusts, and estates. A person holding an account that produces no taxable income can sometimes also be obligated to report it.
Turn to a Tax Specialist Experienced with FBAR
The tax professionals at Bayshore CPA’s understand the complex FBAR regulations. Bayshore CPA’s can help you deal with penalties, settle your tax debt, and avoid future tax problems related to FBAR.
Your peace of mind is our motivation. If you have questions about the tax responsibilities associated with your foreign accounts or are already late in filing this year’s FBAR:
Call our office now located in Mooresville, NC at 704-660-9317 to schedule your consultation.