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FBAR Services

FBAR services

FBAR Tax Requirements

Anyone with a financial interest or authority in a foreign account may be required to file a particular report to the IRS, A Report of Foreign Bank and Financial Accounts, or FBAR. This pertains to a bank account, trust, mutual fund or any type of financial account. This is due to something called the Bank Secrecy Act, which Congress passed to fight against money laundering and fraud.

The IRS gets Serious

This Act has been in effect for decades, but the IRS has increased its attention and enforcement in recent years, as offshore accounts are a primary means of tax evasion. This increased emphasis brings increased penalties to violators. Even accidental or inadvertent violations can be punishable, so this is an area in which taxpayers must work to follow the letter of the law. Keeping up with tax law is difficult enough for individuals and business owners. Add in a foreign account or two and you really should rely on a qualified accountant.

Not All Accountants can Help with FBAR

Not all accounting firms are qualified to deal with FBARs. CPA Accounting and Tax Services is qualified to assist you with reporting your foreign accounts. We can determine, first and foremost, if you need to fil