The IRS is searching for individuals and businesses that have failed to report foreign income. If your FBAR filing is late, contact Frank E. Nute CPA, LLC right away. We specialize in helping taxpayers that have neglected to file FBARs for income reported on their tax returns. If the IRS is coming after you for high penalties and interest, don’t try to ignore them, turn to us and we’ll find a way to solve your foreign tax problems before they get out of hand.
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 year’s FBARs, turn to Frank E. Nute CPA, LLC. We’re highly experienced tax specialists that understand the complex FBAR regulations. We can help you deal with penalties, settle your tax debt and avoid future tax problems related to FBAR filings. Don’t delay! Call us at 952-405-2082 now or request a consultation online.