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Some tax planning agencies charge you less than other firms whilst offering quality services. These services help you to file your FBAR correctly and avert any kind of harsh penalties.
Efficient Filing Of FBAR Accounts The moment June 30th gets closer most American citizens start thinking automatically about FBAR. FBAR also known as Foreign Bank Account Reporting is a Treasury Form TD F 90-22.1, that has resulted because of the federal form oblivion onto the front page. According to its clauses, if you are holding foreign bank accounts and the aggregate amount is more than $10,000 anytime during the year, then you need to file the FBAR by June 30th or face legal consequences in the form of penalties. However, there are certain categories of financial accounts that can be reported under FBAR. They are: ● Bank accounts, i.e. saving, current, fixed deposit accounts and so on ● Securities or brokerage account ● An account with a person that acts as a broker or dealer for futures or options transactions ● An account with a person in the business of accepting deposits as a financial agency ● Insurance or annuity policy with cash value such as, LIC, ULIP ● Public provident fund ● Shares in a mutual fund or similar pooled fund ● Gold kept in locker facility provided by the bank The question is if you have not disclosed your foreign bank account on the tax returns and have not even filed the earlier FBAR’s then should you file it in the future. If you have decided to come all clean with all your foreign bank accounts under the OVDP, then the answer is certainly yes. Even if there has been only a pre-clearance from your end, it is still essential to file FBAR. However, what if someone is not making a voluntary disclosure under the OVDP? The solution lies in first reviewing the assumptions as it might just get short sighted not to join the OVDP. Secondly, it is also important to consider the alternatives and the facts. This is where a tax planning agency can help you in filing your FBAR with the required guidelines, making the process smooth for you. Some of the services they offer include: ● Offers consultation and impact analysis ● Provides planning and analysis to reduce FBAR Penalty ● AMT Strategies ● Foreign Tax Credit ● Review of previous OVDI cases ● Mutual Fund or PFIC computations ● Helps to prepare required to take part in the OVDP program ● Helps to prepare your Tax Amendments and Delinquent FBAR ● IRS Representation by Enrolled Agents or Affiliated CPAs and Attorneys Some tax planning agencies charge you less than other firms whilst offering quality services. These services help you to file your FBAR correctly and avert any kind of harsh penalties. Read More About: IRS Amnesty
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