File FBAR or Report of Foreign Bank and Financial Accounts to Avoid Penalties

Do you have a financial interest in or signature authority over a foreign financial account, whether a bank account, brokerage account, mutual fund or a Trust? If yes, US laws require you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).

Missed FBAR filing can lead to huge civil penalty, an amount equal to the greater of $100,000 or 50 percent of the account balance for each violation each year, potentially accruing to the greater of $800,000 or 400 percent of each account balance over a six year period apart from criminal penalty, the fraud penalty and foreign information return penalties.

Reportable Financial Accounts on FBAR

• Bank accounts (Saving, Current, Fixed Deposit etc)
• Securities or brokerage account
• Account with a person that acts as a broker or dealer for futures or options transactions
• Account with a person in the business of accepting deposits as a financial agency
• Insurance or annuity policy with cash value (LIC, ULIP)
• Public provident fund or PF
• Shares in a mutual fund or similar pooled fund
• Gold kept in locker facility provided by the bank
  

How can MyTaxFiler Help with FBAR

MyTaxFiler provides complete insight into the tax code that applies to Resident Individuals in the United States, including Green Card Holders and US Citizens. It also assists its customers with:

• Total compliance, Peace of mind Guaranteed!
• Consultation and Impact Analysis
• Analysis and Planning to reduce FBAR Penalty
• AMT Strategies, Foreign Tax Credit
• Review of 2009, and 2010 OVDI cases
• Mutual Fund or PFIC computations
• Preparation of forms required to participate in the OVDP program
• Preparation of Tax Amendments and Delinquent FBAR
• IRS Representation by Enrolled Agents or Affiliated CPAs and Attorneys
• Last but not the least, all this for a fraction of cost charged by other firms.

 
Contact us Toll free: (888)-482-0279 or (888)-996-9829, Toll: (972)-349-0149 or (972)-961-9814 or you can mail us on: tax@mytaxfiler.com. If you want more information on FBAR, visit mytaxfiler Blog to read more - http://www.mytaxfiler.com/blog/