<p>If you are a U.S. citizen or resident with foreign financial accounts or assets, you may be required to report them under the <strong>Foreign Bank Account Report (FBAR)</strong> and the <strong>Foreign Account Tax Compliance Act (FATCA)</strong> regulations. Our FBAR and FATCA reporting services provide expert guidance to ensure that your foreign accounts and assets are properly disclosed to the IRS, helping you avoid hefty penalties.</p>
<p><strong>Overview of FBAR and FATCA Reporting:</strong></p>
<ul>
<li><strong>FBAR (Foreign Bank Account Report)</strong>: U.S. individuals and entities are required to file an FBAR if they have a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year. The report is submitted to the Financial Crimes Enforcement Network (FinCEN) via FinCEN Form 114.</li>
<li><strong>FATCA (Foreign Account Tax Compliance Act)</strong>: FATCA requires U.S. taxpayers to report certain foreign financial assets if their total value exceeds the reporting thresholds, which vary depending on filing status and residency. FATCA filings are made on IRS Form 8938, and this form is submitted alongside the taxpayer&rsquo;s federal tax return.</li>
</ul>
<p><strong>Key Services:</strong></p>
<ol>
<li><strong>FBAR Filing (FinCEN Form 114):</strong></li>
<ul>
<li>Assistance with determining whether you are required to file an FBAR based on the total value of your foreign accounts.</li>
<li>Preparation and filing of FinCEN Form 114 to report foreign financial accounts, including bank accounts, brokerage accounts, and mutual funds.</li>
<li>Guidance on identifying accounts that must be reported, including joint accounts, trust accounts, and corporate accounts.</li>
</ul>
<li><strong>FATCA Filing (IRS Form 8938):</strong></li>
<ul>
<li>Assistance with determining if your foreign assets meet the FATCA reporting thresholds, which depend on your tax filing status and whether you live in the U.S. or abroad.</li>
<li>Preparation and filing of Form 8938 with your federal tax return to report foreign financial assets, including bank accounts, investment accounts, and ownership interests in foreign entities.</li>
<li>Guidance on which assets must be reported and how to value them correctly for FATCA compliance.</li>
</ul>
<li><strong>FBAR and FATCA Penalty Avoidance:</strong></li>
<ul>
<li>Expert advice on avoiding penalties for failing to file or inaccurately reporting your foreign accounts or assets.</li>
<li>Assistance with filing delinquent FBAR or FATCA forms through the IRS streamlined filing compliance procedures if you have failed to file in previous years.</li>
<li>Help with correcting errors on previously filed FBAR or FATCA reports.</li>
</ul>
<li><strong>Coordination of FBAR and FATCA Filings:</strong></li>
<ul>
<li>Ensuring that your FBAR and FATCA filings are coordinated, as some accounts and assets may be reportable under both regulations.</li>
<li>Assistance with understanding the differences between FBAR and FATCA filing requirements and ensuring you comply with both.</li>
</ul>
<li><strong>FBAR and FATCA Recordkeeping:</strong></li>
<ul>
<li>Guidance on maintaining proper records of your foreign financial accounts and assets, as the IRS requires you to keep detailed documentation for six years after filing.</li>
<li>Help with organizing and keeping accurate records to substantiate your filings in case of an audit.</li>
</ul>
<li><strong>Foreign Tax Credit and Exclusions:</strong></li>
<ul>
<li>Assistance with claiming any foreign tax credits or exclusions to minimize double taxation on income earned abroad.</li>
<li>Guidance on how FBAR and FATCA filings impact your overall tax situation, including foreign tax credits on your U.S. tax return.</li>
</ul>
</ol>
<p><strong>Why Choose Us?</strong></p>
<p>Our team of tax professionals has extensive experience in foreign account reporting under FBAR and FATCA regulations. We ensure that your foreign accounts and assets are accurately reported, reducing your risk of penalties and helping you stay compliant with U.S. tax laws. Whether you&rsquo;re filing for the first time or need help with delinquent filings, we provide personalized guidance every step of the way.</p>
<p><strong>Contact Us:</strong></p>
<p>If you have foreign accounts or assets, don&rsquo;t wait until it&rsquo;s too late to file your FBAR or FATCA reports. Contact us today to get started with our expert reporting services and ensure you remain compliant with U.S. tax laws.</p>
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