Foreign Bank Reporting (FBAR) Services
If you are an American citizen who currently resides outside the US or has the authority to operate accounts abroad, you may be required to file a Foreign Bank Reporting (FBAR). Optimize Tax is a growing tax firm that helps US citizens meet their reporting requirements accurately and securely.
What Is FBAR Services, and Who Must File?
U.S. citizens, residents, and certain entities are required to file an FBAR if the total value of their foreign financial accounts exceeds $10,000 at any time during the calendar year. This includes:
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- Foreign bank accounts
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- Brokerage accounts
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- Mutual funds
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- Trusts
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- Retirement accounts held outside the U.S.
Filing Requirements for Americans Abroad are complex and ever-changing. That’s why having a qualified tax team is essential to ensure timely and accurate filing.
Our FBAR Services Include:
1. Comprehensive Review of Foreign Assets
We identify all reportable accounts to ensure compliance.
2. Preparation and Filing of FinCEN Form 114 (FBAR)
Accurate, secure, and timely submission through the BSA e-filing system.
3. Guidance on the Report of Foreign Bank Accounts
We help you understand exactly what needs to be reported and when.
4. Streamlined Filing Compliance Procedures for FBAR
Haven’t filed FBARs in previous years? We guide you through the Streamlined Filing Compliance Procedures for FBAR, helping reduce or eliminate penalties.
5. Coordination with FATCA Requirements
Our team ensures alignment between your FBAR and Form 8938 (FATCA) filings to prevent red flags with the IRS.
Why Choose Optimize Tax for FBAR Compliance?
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- Expat Tax Experts – We specialize in U.S. tax filing for Americans abroad, including offshore asset reporting.
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- Secure Cloud-Based Portal – Upload and manage documents easily and safely from anywhere in the world.
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- Personalized Support – One-on-one guidance tailored to your unique financial situation.
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- Transparent Pricing – Know exactly what you’ll pay—no hidden fees, ever.
Let Optimize Tax Handle Your Foreign Bank Reporting
Failure to file an FBAR can result in severe penalties, including up to $10,000 per violation for non-willful cases, and even higher for willful neglect. Don’t take that risk. Let our team help you meet your legal obligations with confidence.
Schedule a Free Consultation and get peace of mind with your Report of Foreign Bank Accounts.
FAQs
What is the difference between FBAR and FATCA?
The two reporting requirements in the United States for foreign financial accounts are FBAR (FinCEN Form 114) and FATCA (Form 8938). The difference between the two is that the former is filed with the Financial Crimes Enforcement Network (FinCEN), whereas the latter is filed with the Internal Revenue Service (IRS).
Under FBAR, anything above $10,000 in foreign accounts at any time in the year must be declared by a U.S. person. On the other hand, FATCA has varying thresholds depending on your filing status and residency. In many instances, persons need to file both.
What happens if I missed FBAR filings from previous years?
Should you have unintentionally failed in the past to file FBARs, you may be a candidate for the Streamlined Filing Compliance Procedures. This IRS-backed program gives an opportunity for taxpayers to file foreign account reporting without penalties. The Optimize Tax team is available to help assess your qualification for this procedure and how best to proceed.
Do I need to file an FBAR even if the foreign account doesn’t earn interest?
Correct. The FBAR filing requirement is based on balances on an account, not on its income. If at any time during the year the aggregate value of all your foreign accounts exceeded $10,000, you must file an FBAR, regardless of whether the accounts earned interest, income, or not.