Report Your Foreign Bank Accounts to the IRS

What happens if you are not reporting your foreign bank accounts to the IRS?

If you have a bank account in a foreign country, you must report it by filing a Report of Foreign Bank and Financial Accounts (FBAR). The US government created FBAR to discover tax cheats hiding money in offshore accounts.

If you haven't filed your FBAR or submitted it late, there are violations with potentially high penalties, whether it's $10,000 or hundreds of thousands of dollars in your account and the number of years you have in the file.

The IRS has some disclosure programs that allow you to avoid penalties and, most importantly, avoid criminal prosecution. It would be best if you took advantage of these programs before the IRS reaches out to you. Otherwise, you won't be allowed to take advantage of them. The IRS goes after foreign bank account filings more aggressively than other issues. So you must resolve this if this is something that applies to you.

JLD Tax Resolution Group can help you easily solve a complex tax problem. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.

#taxresolution #taxes #cpa

свернуть