FBAR Filing Requirements in June

Wednesday, July 22, 2015

It is an IRS requirement for U.S. taxpayers who have an FBAR filing requirement to remember that the deadline to report any and all foreign assets is June 30th.  An FBAR is a Report of Foreign Bank and Financial Accounts that needs to be filed by U.S. taxpayers with overseas financial accounts.  In recent years the IRS have been stricter with the requirements for FBAR filings.  This is due to maintaining international compliance to raised awareness for U.S. taxpayers with offshore assets to pay their tax liability. 

We are the Strategic Tax Lawyers, a law firm that specializes in the IRS tax code.  Our team of California Tax Lawyers includes IRS Intent to Levy Lawyers, IRS Bank Levy Lawyers, and a Payroll Tax Lawyer with years of experience dealing with IRS-related cases.  We want to share some information if you have an FBAR filing requirement.  

If you are a taxpayer with more than $10,000 in your offshore account, you must file an FBAR electronically by Tuesday, June 30th in addition to your tax return. Even if you have a small amount of assets, you are still encouraged to find out if you have an FBAR filing requirement. If U.S. citizens are living overseas, they are also encouraged to file electronically for free if there income is less than $58,000.  Those living overseas may also need to file Form 8938 by June 15th deadline.  U.S. citizens may have had to file Form 8938 with their tax returns by April 15th. FBARs are filed separately and not part of a tax return.

In general, most taxpayers pay fair taxes.  The IRS has made the filing requirements firmer for those taxpayers to disclose their income or assets offshore instead of trying to hide it. 

The IRS is expected to receive over one million FBARs which has increased from 280,000 back in 2005.

U.S. taxpayers need to determine their income tax obligations.  Those with dual citizenship or those who live and/or work overseas most likely have the FBAR filing requirement and U.S. tax liability.  We recommend that if a U.S. taxpayer has tax questions they can go online to the IRS to get answers. There are online tools and IRS forms that can provide taxpayers with useful tax information.

If you need to hire a reliable team of California Tax Lawyers which includes IRS Intent to Levy Lawyers, IRS Bank Levy attorney, and a Payroll Tax Lawyer, contact the Strategic Tax Lawyers Firm.  We are tax lawyers who have years of success in IRS dealings.  Call the Strategic Tax Lawyers at (800) 669-4775 for a free consultation to assist you with your tax-related matters.