The IRS is searching for individuals and businesses that have failed to report foreign income. If your FBAR filing is late, contact Tom Rex, CPA right away. I can help taxpayers who have neglected to file FBARs for income reported on their tax returns, or that should have been reported. If the IRS is coming after you for high penalties, don't try to avoid them, turn to me to find a way to solve your foreign tax problems.
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. How can you be sure you're in compliance will all federal regulations related to FBAR?
If you have questions about the tax responsibilities associated with your foreign accounts or if you are already late in filing this years or prior year's FBARs, turn to Tom Rex, CPA. I'm a highly experienced tax specialist that understand the complex FBAR regulations.
I can help you deal with penalties, settle your tax debt and avoid future tax problems related to FBAR filings. Don't delay; call me at 520-433-9291 or request a consultation now.