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Follow me as I file my own FBAR (FinCEN Form 114) in 2023. I show step by step instructions on filing the FBAR (Form 114), how to calculate the maximum account value and where to get the official Treasury currency conversion rates for 2022. You have to list the maximum values of your foreign bank accounts during the year as well as convert foreign balances into US Dollars. I recommend you do not do the PDF FBAR filing. Do the online filing instead as it is much simpler. To start file FBAR yourself, start at the Financial Crimes Enforcement Network website: 🤍 Or go directly to the BSA E- filing website: 🤍 To get the 2022 currency conversion rates go to : 🤍 Get a $15 a month Mint Mobile with unlimited talk, text, and 4GB data: 🤍 Be aware of the financials of any stock or any other investment before you consider investing in it. Disclaimer: I am not a financial advisor, tax attorney or CPA and nothing on this channel is meant to be financial advice. The ideas expressed on this channel are purely opinions and should not be regarded as objective information. Nothing on this channel is a recommendation to buy or sell securities. Do not assume that facts and numbers in any video are accurate. Always do your own due diligence.
In this video we explain what an FBAR is and who needs to file one. FBAR is an acronym for "Foreign Bank Activity Report". If you live overseas and hold assets in bank accounts, brokerage accounts or other asset related accounts, and the account balance in the account is greater than $10,000 US dollars at any one point during the year, you are required to file an FBAR. FBAR is an information related filing and it is important to file by the April 15th deadline. Delinquent FBAR or non filing can result severe monetary penalties. It is important to get these document filed by the required deadlines and maintain tax compliance with the IRS. If you liked this content and you want to see more like it, be sure to like and subscribe to our content! Contact me today for your tax consultation at +1-407-864-2702, by phone or WhatsApp. Dylan Quintilone PTIN P02055728 Disclosures: Dylan Quintilone is an investment advisor representative with Copper Canyon LLC, a state of Florida Registered Investment Advisor. He provides tax services separately and independently of Copper Canyon LLC. He does not render investment advice, or financial planning services as a service within the tax business. In the event a tax customer wants to engage Mr. Quintilone for investment related services, Mr. Quintilone will be required to disclose material facts. The first disclosure will be to inform the tax client that investment advising is a separate service and Mr. Quintilone is required to deliver disclosure documents consisting of Copper Canyon LLC’s Form ADV Part 2 Brochure, Portfolio Management Contract and other required documents. Copper Canyon LLC is a Registered Investment Advisor in Orlando, Florida. The firm is regulated by the Office of Financial Regulation, Division of Securities. More information can be found about Copper Canyon LLC CRD Number 286061, by visiting 🤍 and typing Copper Canyon LLC into the search box Copper Canyon LLC Firm Persons Dylan Quintilone Investment Advisor Representative CRD Number 6732024 Paul Edward Clay Investment Advisor Representative CRD Number 7145606 #Colombia #Expat #Taxes #FBAR #Paisataxes #IRS #Colombianpeso
🤍 If you’re not familiar with the term, FBAR is the report of foreign bank and financial accounts for all US citizens involved in such actions. The important thing to keep in mind is that there is only one way to escape this obligation and that is renouncing your US citizenship or your Green Card. Attention: if you neglect to file this report, you'll be facing some severe penalties. - ABOUT NOMAD CAPITALIST Andrew Henderson is the world's most sought-after consultant on legal offshore tax reduction, investment immigration, and global citizenship. He works exclusively with six- and seven-figure entrepreneurs and investors who want to "go where they're treated best". Work with Andrew: 🤍 Andrew has spent the last 11 years studying and personally implementing the Nomad Capitalist lifestyle, and has started offshore companies, opened offshore bank accounts, obtained multiple second passports, and purchased real estate in a total of 20 countries. He has also spent years creating a behavior-based system that helps people get the results they want faster and with less resistance. Andrew believes that everyone can use offshore strategies to keep more of their own money, live a life of freedom, and grow their wealth faster. About Andrew: 🤍 Our website: 🤍 Subscribe: 🤍 Buy Andrew's book: 🤍 DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
U.S. persons with foreign financial accounts are required to file an FBAR (FinCEN Form 114) for each foreign financial account, if the aggregate value of their foreign accounts exceeds $10,000 during the year. If you have multiple foreign bank accounts, you'll need to track the collective value of the accounts and see if the aggregate exceeds $10,000. U.S. persons include U.S. citizens, U.S. green card holders, U.S. resident aliens, U.S. corporations, U.S. partnerships & U.S. trusts. In this example, we cover a simple FBAR filing where John, a U.S. citizen, moves to the Cayman Islands and opens a bank account. He has one bank account that exceeded $10,000 and needs to file an FBAR. FBARs cannot be paper filed! You must electronically file using an approved software provider, or file directly with the FinCEN BSA E-filing system which you can find at the link below: 🤍 Remember, failing to timely file an FBAR can result in a $10,000 penalty or up to 1/2 of the value of the account! Jason’s Page: 🤍 Knott PLLC: 🤍 Need more help? Schedule a Consultation: 🤍 ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - 🤍 Gumroad - 🤍 ✅ AFFILIATE LINKS Open an LLC with Better Legal - 🤍 Signup Bonus with M1 Finance - 🤍 Open a Bitcoin IRA - 🤍 Protect your Privacy with Nord VPN - 🤍 Open a Webull Stock Account - 🤍 File Taxes with TurboTax - 🤍 File Taxes with TaxSlayer - 🤍 Open a Wise Bank Account - 🤍 Try Amazon Prime - 🤍 Shamining Crypto Cloud Mining - 🤍 ✅ FOLLOW JASON HERE: Patreon: 🤍 Twitter: 🤍 Instagram: 🤍 TikTok: 🤍 LinkedIn: 🤍 Quora: 🤍 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you. #FBAR #FinCEN #Form114 #ForeignBankAccount
This video discusses FBAR submission requirements for U.S. citizens and permanent residents. For more information, check out these links: IRS info on FBAR: 🤍 FinCEN’s BSA E-Filing System: 🤍 The instructions and requirements are available in PDF form via this link: 🤍 Ready to Move to Mexico? Check out the COMPLETE Mexico Relocation Guide 🤍 DISCLAIMER: I am not a lawyer, real estate professional, immigration specialist, import broker, financial advisor, major league umpire or astronaut. The information provided in my videos is based on my own experiences and/or research and is not intended to serve as professional advice. I make no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of said information. In other words, take some responsibility for your own life choices and conduct your own research before making important decisions.
💵Get started with MyExpatTaxes: 🤍 (yes, US expats can get a tax refund from the IRS). 👉Join our FREE US Expat Tax Support Facebook group: 🤍 The FBAR (Foreign Bank Account Report) is essentially a form that you as a US American abroad may be required to fill out if you have a foreign bank account (or any other financial accounts) established overseas. This is especially so if you have a certain amount of money in these foreign accounts that exceeded a certain limit. You won’t be taxed on your foreign bank account because of this specific form. The FBAR is not a tax calculation form, but purely informational for US authorities. Whether you need to file an FBAR form or not depends on how much money you have each calendar year. At MyExpatTaxes, our all-in-one software allows you to file the FBAR, and all the other forms required for your US Expat Tax return. 🇺🇸 Helpful US Expat Tax Tips 🇺🇸 2022 FBAR Deadline for Expats: 🤍 Pay US Taxes as an American Abroad: 🤍 How to Get the Stimulus Payment as a US Expat: 🤍 The Ultimate US Expat Tax Guide: 🤍 The FATCA For Americans Abroad: 🤍 Regular US Expat Tax Content Weekly: 📱Instagram: 🤍 🐥Twitter: 🤍 🗣 Facebook: 🤍
FBAR filing by yourself can save you a lot of money. I explain everything you need to file FBAR (FinCEN Form 114) step by step and show my own FBAR filing. 00:00 Intro 01:08 What Is FBAR (FinCEN Form 114) 02:01 Who Has To File FBAR 02:44 What Is A Foreign Financial Account 07:08 What Is NOT Foreign Financial Account 08:11 Are Cryptocurrencies Like Bitcoin Included 09:27 How To Calculate The High Value Of Your Accounts 15:21 How To Convert Foreign Currencies Into US Dollars 17:58 Filing My Own FBAR 19:22 Part 1: Filer Information 20:36 Part 2: For Single Filers 22:08 Part: 3 For Joint Filers/Married Couples 22:54 Part 4 Signature Authority But No Financial Interest In Accounts 23:31 Part 5 Filing A Consolidated Report 23:59 Signing The FBAR Get a $15 a month Mint Mobile with unlimited talk, text, and 4GB data: 🤍 Where To File FBAR : WWW.FINCEN.GOV Where To Get Foreign Exchange Rates: 🤍 FBAR filing (FinCEN Form 114) is not that hard and you can do it yourself. I show my own FBAR filing and also explain who needs to file FinCEN Form 114, what are the foreign bank account thresholds for reporting, and what are considered foreign financial accounts and what are not. I also explain if FBAR filing is required for cryptocurrencies like Bitcoin and other crypto. If you are a US citizen and do offshore banking, you may be required to file FinCEN Form 114 for FBAR (Foreign Bank Account Reporting) under the The Foreign Account Tax Compliance Act (FATCA). If you are required to file a FinCEN Form 114, you may also be required to file IRS Form 8938 when you file your taxes. I will show you how to file FinCEN Form 114 online. I will also show you how to calculate the high water mark in your foreign bank accounts and where to get the official foreign exchange rates accepted by FinCEN. WHO HAS TO FILE FBAR US Citizen US Resident Corporation Partnership Limited Liability Company Trust and Estate You don’t need to file an FBAR for the calendar year if: All your foreign financial accounts are reported on a consolidated FBAR. All your foreign financial accounts are jointly-owned with your spouse and: You completed and signed FinCEN Form 114a authorizing your spouse to file on your behalf, and your spouse reports the jointly-owned accounts on a timely-filed, signed FBAR. Note: Income tax filing status, such as married-filing-jointly and married-filing-separately has no effect on your qualification for this exception. WHAT AMOUNT IS REPORTABLE A financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported. WHAT ARE CONSIDERED FOREIGN FINANCIAL ACCOUNTS Bank accounts such as savings accounts, checking accounts, and time deposits Securities accounts such as brokerage accounts and securities derivatives or other financial instruments accounts Commodity futures or options accounts Insurance policies with a cash value (such as a whole life insurance policy) Mutual funds or similar pooled funds Any other accounts maintained in a foreign financial institution or with a person performing the services of a financial institution. Whether the account produced taxable income has no effect on whether the account is a “foreign financial account” for FBAR purposes. But, you don’t need to report foreign financial accounts that are: Correspondent/Nostro accounts, Owned by a governmental entity, Owned by an international financial institution, Maintained on a United States military banking facility, Held in an individual retirement account (IRA) you own or are beneficiary of, Held in a retirement plan of which you’re a participant or beneficiary, or Part of a trust of which you’re a beneficiary, if a U.S. person (trust, trustee of the trust or agent of the trust) files an FBAR reporting these accounts. WHAT IS NOT A FOREIGN FINANCIAL ACCOUNT Foreign real estate Safe deposit box in a foreign country Precious metals like gold and silver Cash in US Dollars or other currencies Bitcoin and other cryptocurrencies Disclaimer: I am not a financial advisor, and nothing on this channel is meant to be financial advice. The ideas expressed on this channel are purely opinions and should not be regarded as objective information. Nothing on this channel is a recommendation to buy or sell securities. Do not assume that facts and numbers in any video are accurate. Always do your own due diligence. I am not an accountant or tax attorney. Do not take anything in this video as financial or tax advice. This video is for educational purposes only.
Attention Global Entrepreneurs and Investors! Is the IRS dragging you down? Text “Wealth” to 818-938-2231. Anthony's firm, Parent & Parent LLP can help end your tax anxiety and frustration right now! We do it all so you can focus on better things. 20 successful years experience in tax planning, tax resolution (including audits!), bookkeeping, asset protection, and offshore disclosures/FBAR help. Everything you need under one roof. Thousands helped! Here are some things you really should know before you decide NOT to file an FBAR. The FBAR is the Report of Foreign Bank Accounts. FBAR is also known as FinCEN Form 114. A person or entity is required to file an FBAR if they have a financial interest in or signature authority over at least one type of foreign financial account that exceeds an aggregate value of $10,000 at any time during the year. FBAR reporting is not limited to foreign bank accounts. Pensions, life insurance policies, and accounts that earn no money have to be reported. The FBAR form is a complicated form and is viewed by some as an invasion of privacy. Some clients ask whether they can get away with not filing an FBAR form. I advise those clients that FBAR penalties are steep and willful non-compliance is illegal. Therefore, to avoid legal consequences, I advise filing an FBAR form. There are six things to be aware of before not filing an FBAR. If you ever filed an FBAR, you are now in the FinCEN database. Once you are in a database, you can be tracked. People who don’t comply with the reporting obligation and don’t risk consequences are people who don’t get caught. The IRS only needs to catch you once. IRS tax examiners will ask a person about FBARs. If a person doesn’t answer honestly, he will face civil and criminal penalties. However, answering honestly will have consequences too. Failing to learn about foreign account reporting requirements can be evidence of “willful blindness.” See Internal Revenue Manual, 4.26.16.4.5.3, Paragraph 6. The DOJ also investigates people for criminal charges related to FBAR non-compliance. Criminal penalties for FBAR violations are frightening, including a fine of $250,000 and 5 years of imprisonment. If the FBAR violation occurs while violating another law the penalties are increased to $500,000 in fines and/or 10 years of imprisonment. People who have grievances against you are often very willing to offer testimony to the government. If you are not going to file an FBAR form, be confident that the people aware of your reporting obligation won’t offer testimony to the government. Income and assets can be attached to pay outstanding FBAR penalties. If you have no income or assets that can be attached, you may be able to avoid collection. However, in some jurisdictions, the IRS may be able to seize part of your spouse’s assets to pay your bill. The statute of limitations for FBAR penalties is 6 years. However, after six years, the IRS may still be able to penalize you for other unfiled foreign reporting forms like Form 5471 or Form 8938. These penalties can be assessed for multiple years, and unlike FBARs, there is no statute of limitations on these types of penalties. A person’s best option is to file an FBAR correctly and get into a proper offshore disclosure plan. However, there are three things to consider that may take the sting away from this compliance regime: The FBAR intel is low value to the government. By filing an FBAR, you’re merely bogging down government bureaucracy. There is no such thing as an FBAR initiated audit. No one looks at an FBAR unless a tax audit is initiated. Don’t think that filing an FBAR is a red flag to get you audited. If you are going to “come clean” with the IRS do it right or don’t do it at all. Lying to the IRS will make things worse. 🤍 Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 info🤍irsmedic.com 🤍
FinCEN Notice 2020-2 🤍 Ready to Move to Mexico? Check out the COMPLETE Mexico Relocation Guide 🤍 Mexico Consumer Rights Card 🤍 FBAR Video 🤍 DISCLAIMER: I am not a lawyer, real estate professional, immigration specialist, import broker, financial advisor, major league umpire or astronaut. The information provided in my videos is based on my own experiences and/or research and is not intended to serve as professional advice. I make no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of said information. In other words, take some responsibility for your own life choices and conduct your own research before making important decisions. AFFILIATE LINKS AND SPONSORED POSTS: I only endorse products and services that I believe will benefit our viewers. Just FYI, I turn down over 99% of the collaboration proposals that I receive.
For US expats, dealing with tax forms can be a real headache, but which one is the most annoying? In this informative video, we'll compare two of the most dreaded tax forms for US expats: FBAR and FATCA. We will explain what FBAR and FATCA are, why they are required, and the differences between the two forms. We'll also discuss common mistakes that people make when filing these forms and provide practical tips to help you avoid penalties for noncompliance. Whether you're a seasoned expat or just starting your overseas journey, this video is a must-watch for anyone looking to stay on top of their US tax obligations. So, grab a notebook and pen and tune in to learn everything you need to know about FBAR vs. FATCA At Greenback Expat Tax Services, we specialize in helping US citizens living abroad with their tax obligations. Our team of experienced tax advisors can guide you through the latest changes to the US tax code and provide personalized advice to help you minimize your tax liability. So, if you want peace of mind when it comes to your US expat taxes, let Greenback Expat Tax Services be your guide. Contact us today to schedule a consultation and take the first step towards stress-free expat tax compliance. 🔷 Learn More about FBAR vs. FATCA: 🤍 🔷 Check out our Transparent Flat-fee Pricing: 🤍
#сша #Америка #налоги 🔔 подпишитесь на канал: 🤍 📌 Наша закрытая группа в Фейсбук 🤍 📌 Наш Инстаграм 🤍 📌 Наша страница 🤍 📞 Номер офиса 1-813-867-7111 (так же в телеграмм) _ Если вы имеете американский паспорт, грин карту, или просто являетесь американским налогоплательщиком по количеству дней пребывания на территории США, то Вам просто необходимо знать о законе FATCA (Foreign Account Tax Compliance Act). Если вы имеете американский паспорт, грин карту, или просто являетесь американским налогоплательщиком по количеству дней пребывания на территории США, то Вам просто необходимо знать о законе FATCA (Foreign Account Tax Compliance Act). Этот закон подразумевает любое физическое лицо, имеющее финансовые счета за пределами США, общая сумма которых составляет как минимум $10,000 в любое время в течение года. То есть даже если сумма в $10,000 была на счету или на нескольких счетах в сумме всего сутки, то уже необходимо отчитываться. Закон FATCA обязывает финансовые институты во всем мире представлять финансовую информацию относительно их клиентов, имеющих гражданство или вид на жительство США. FBAR или 8938: 🤍
🤍 FBAR PENALTIES Noncompliance with disclosing Foreign Bank and Financial Accounts may lead to FBAR penalties. In recent years, The FBAR (FinCEN Form 114) has taken the spotlight due to the sheer amount of penalties US Person Taxpayers can be liable for if they have not properly reported in prior years. The penalty for late filing the FBAR can range from a Warning Letter in Lieu of Penalties — all the way to a 50% willfulness penalty on the maximum value of the unreported values. Making matters more complex is the fact that Courts across the nation are split on what is considered “reckless disregard” and whether non-willful violations can be penalized per account or per form. While FBAR penalties for late filing and delinquent forms can be tough, the IRS has also developed various International and Offshore Tax Amnesty Programs to facilitate Taxpayers safely getting into compliance for prior year noncompliance with FBAR reporting requirements.
For more information, visit: 🤍 Learn how to file the Foreign Bank Account Report yourself. Every "United States person" who has one or more foreign bank account(s) which at any point during the year reached an aggregate balance of over $10,000 is obliged to file a report with the US Treasury Department listing all foreign accounts. For further information, contact Philip Stein & Associates: admin🤍pstein.com, 02-644-4000
Are you a US taxpayer with foreign financial accounts, such as bank accounts, investment accounts, or cryptocurrency wallets? If so, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) with the US Department of Treasury. But how do you know if you're subject to FBAR filing requirements, and what information do you need to report? In this video, we'll provide a comprehensive guide to FBAR filing, including who needs to file, when and how to file, and what types of accounts and assets are subject to reporting. We'll also cover common mistakes and pitfalls to avoid and provide tips for staying compliant with FBAR requirements year after year. Whether you're a novice expat with foreign bank accounts or want to ensure you're meeting your reporting obligations as a US Expat taxpayer, this video has everything you need to know about FBAR filing. So please tune in to learn more about FBAR reporting requirements and how to ensure you're meeting them correctly. At Greenback Expat Tax Services, we specialize in helping US citizens living abroad with their tax obligations. Our team of experienced tax advisors can guide you through the latest changes to the US tax code and provide personalized advice to help you minimize your tax liability. So, if you want peace of mind when it comes to your US expat taxes, let Greenback Expat Tax Services be your guide. Contact us today to schedule a consultation and take the first step towards stress-free expat tax compliance. 🔷 Learn More about FBAR Filing: 🤍 🔷 Check out our Transparent Flat-fee Pricing: 🤍
There are two types of FBAR violations for non-reporting offshore accounts: willful and non-willful and the IRS imposes very different penalties for each one. To put this into perspective: 1. A willfulness penalty is the greater of $100,000 OR 50% of the balance in the foreign account at the time of the violation. 2. A non-willful violation leads to a maximum penalty of $10,000. What Am I Supposed to Do During an FBAR IRS Audit? First off, the IRS is sending a clear message to the public. They are taking FBAR violations as serious and they will be using the case law as a tool during examinations. Taxpayers who might want to convince the IRS revenue agent that their failure to report a foreign bank account was unwillful will face these judgments above head on. 1. The IRS agents will be fully cognizant of these court cases. 2. The IRS agents will rely on these judgments to support their position Put differently, deniability in the form of ignorance of the FBAR obligation or insisting that you did not read or comprehend the tax return properly will in all probability not bring relief to anyone pinned in this position. The key to turning these kinds of cases around is a clear understanding of what willfulness means in legal terms coupled with a clear understanding of what the government must produce to meet the required burden of proof. Join our exclusive group: 🤍 Or Mail us: support🤍fascpaconsultants.com Website: 🤍 Podcast: 🤍
2022 FBAR Roundup 🤍 As 2022 comes to a close and we head into 2023, foreign accounts compliance (FBAR) remains at the forefront of IRS international tax compliance enforcement. The Internal Revenue Service continues to pursue US taxpayers who have failed to timely report their foreign accounts on the FBAR (aka FinCEN Form 114). What makes the FBAR so difficult is not so much the actual preparation (the preparation itself is less complex than many other international tax forms), but the ancillary issues such as: Which foreign accounts are reported? What are my options for amnesty? What if the FBAR was filed incompletely? Should I file a late FBAR? Will I get penalized and how much? As we close out 2022 and head into 2023, let’s take a look at some important information about FBAR filing and recent cases.
For more information, visit: 🤍 Learn how to file the Foreign Bank Account Report yourself. Every "United States person" who has one or more foreign bank account(s) which at any point during the year reached an aggregate balance of over $10,000 is obliged to file a report with the US Treasury Department listing all foreign accounts. This information is not year specific. For further information, contact Philip Stein & Associates: admin🤍pstein.com, 02-644-4000
Attention Global Entrepreneurs and Investors! Is the IRS dragging you down? Text “Wealth” to 818-938-2231. Anthony's firm, Parent & Parent LLP can help end your tax anxiety and frustration right now! We do it all so you can focus on better things. 20 successful years experience in tax planning, tax resolution (including audits!), bookkeeping, asset protection, and offshore disclosures/FBAR help. Everything you need under one roof. Thousands helped! 🤍 Before you file an FBAR, you might want to check that you are filing it correctly as the consequences are staggering. Take our FBAR knowledge quiz here to find out if you have what it take to file an FBAR correctly: 🤍
An FBAR is your Foreign Bank Account Report, also known as FinCEN Form 114. Instead of filing with the IRS, you may submit your FBAR with FinCEN which is the U.S. Treasury Department's Financial Crimes and Enforcement Network. Failing to file could incite heavy penalties against you, so it's always best to stay up to date. Get more information about the topics that affect you! 🌎Website - 🤍 💼LinkedIn - 🤍 📘Facebook - 🤍 🐤Twitter - 🤍 Resources: Bank Secrecy Act: 🤍 Form 1040: 🤍 About Frost Law: Frost Law is comprised of skilled tax attorneys, business attorneys, litigation attorneys, estates attorneys, Certified Public Accountants, Certified Financial Planners, and other tax professionals. We have been serving clients across the country and abroad. We have office locations on the East Coast in Maryland, Virginia, Washington, D.C., Pennsylvania, Florida and serve clients internationally. DISCLAIMER: This video is not legal, tax, or financial advice. Talk with a professional about your situation before making any legal or financial decisions. These videos also do not create attorney-client privilege. #FrostLaw #FBAR #Taxes
Visit our website: 🤍 VIDEO TRANSCRIPT: If you’re a successful expat, it is likely that you’ve probably had to file the FBAR each year that you have been overseas, or at least you have heard of it and wondered if you really needed to file one? Let’s take a quick look at what the FBAR is and who needs to actually file one, along with some of the common mistakes I see surrounding the FBAR. FBAR stands for “Report of Foreign Bank and Financial Accounts” and is a form that needs to be filed each year by April 15th if you meet certain qualifications… You have any foreign bank or investment account located outside the United States whether you are living inside or outside of the US yourself. The aggregate value of all your foreign bank and investment accounts was $10K or more at any time during the year. Yes, even a single day of the year. You are an American citizen or considered a US person. So, anyone with a green card as well. The 5 most common mistakes that I see surrounding the FBAR are these…. Failure to file. This is the most common mistake and often made because people are unsure about all the reporting requirements. There isn’t a lot of people teaching expats about the FBAR and your accountant may have even overlooked your need to file the FBAR. This is because the FBAR is not actually a tax form, it simply a reporting form to the IRS. Misunderstanding the threshold. As I stated above, it is an aggregate amount of $10K between all of your accounts, at any time during the year. Not including non-bank type accounts. Many people don’t realize that they also need to include pretty much anything with a value on the FBAR. Often you need to include a countries retirement scheme, like the Superannuation in Australia. You need to include foreign mutual fund and investment accounts, even if they are located in a so-called tax haven like Cyprus or Isle of Mann. You also need to include any life insurances you may own that have a cash value. You must report even if the money is not yours. If you are a joint owner on an account for a spouse or a parent, just so if something was to happen your name would already be on the account, you need to report this money. Even if the money isn’t really yours. If your name is on it, it must be reported. And finally, minors are not excluded from reporting an FBAR. You must disclose your foreign money, if it’s over the $10K aggregate, no matter your age. So, if the grandparents or great grandparents have a savings or investment account for your kid’s future college expenses over in Italy, and your kids name is on that account, there is a requirement for the child to file an FBAR. Filing your FBAR is pretty important because the penalties for not doing it are pretty high and depend on whether the IRS can show that you were willful in your violation or non-willful in your violation of this rule. For non-willful violations, the max penalty in 2019 is just under $13K. And for willful violations or a pattern of neglect in filling the FBAR, the penalties can be up to the greater of $129K or 50% of your money! For more information about the FBAR and it’s reporting requirements, see the links I have posted below or reach out to me to chat about your personal situation. LINKS: 🤍 🤍 🤍 🤍 Baobab Wealth Abroad is a fee-based advisory firm that provides real value to clients, putting their interests first and offering complete transparency with fees, services, and philosophies.
Have you been meeting your FBAR filing requirements? If you're a US person and you have foreign financial accounts that are worth more than $10,000 combined (or have been at any point in the tax year), you should be filing the FBAR. FBAR stands for Foreign Bank Account Reporting, and it's a form you need to file each year along with your taxes. If you haven't filed your FBARs when you should have, don't worry—you have options! The best options are Streamlined Offshore Disclosure Procedures, which let you correct your tax returns, file your old FBARs, and only pay a small penalty—or even no penalty in some cases. Call our experienced FBAR attorneys to see if you qualify for Streamlined Disclosures: 847-469-9924 Learn more on our website: FBAR Lawyer: 🤍 FBAR Filing - Who Needs to File the FBAR? How Do You File?: 🤍 FBAR Penalties for Non-Filing (and How to Avoid Them!): 🤍 The information contained in this video, as well as any linked articles, videos, or posts, is intended for general informational and educational purposes only. This information is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Viewers should not rely upon any information contained within for legal advice, and should seek legal advice before taking any action with respect to the matters discussed herein. Commenting or interacting with this video does not create an attorney-client relationship. Messages or other forms of communication that you transmit to Gordon Law Group will not create an attorney-client relationship and thus information contained in such communications may not be protected as privileged or confidential. This material may be considered an attorney advertisement.
🤍 2023 Update: If you missed the FBAR filing deadline, do not worry you still have options available to satisfy the filing deadline and possibly avoid (if not minimize) penalties. It is true that the Internal Revenue Service continues to move full steam ahead on enforcement matters involving noncompliance with FBAR reporting (Foreign Bank and Financial Account Reporting aka FinCEN Form 114). And, as the FBAR is not part of the 1040 tax return, many tax professionals are (understandably) unaware of the existence of the FBAR filing requirements when counseling their clients. As a result, it is not uncommon for a US Taxpayer to be several years out of compliance before realizing they missed the required FBAR and other international reporting form filing requirements. Despite all the fear-mongering Taxpayers will undoubtedly find online, there are actually several safe options available for Taxpayers to safely get into compliance with the US Government for FBAR and other international information reporting forms. These offshore compliance programs vary based on the facts and circumstances of the Taxpayer and not all Taxpayers will qualify for every program. Let’s review the basics of the different delinquent FBAR late-filing submission procedures:
If you're a US expat with foreign bank accounts, it's essential that you understand your reporting obligations under the FBAR Fincen Form 114. In this informative video, we'll explain why it's so important to report your foreign bank accounts, what the FBAR Fincen Form 114 is, and how to file it correctly. We will cover a range of topics, including the types of accounts that must be reported and the information you'll need to provide on the FBAR Fincen Form 114. Whether you're a US expat living overseas or you're thinking about opening a foreign bank account, this video is a must-watch for anyone looking to stay on top of their reporting obligations and avoid costly penalties. So, grab a notebook and pen and tune in to learn everything you need to know about the FBAR Fincen Form 114 and why you must report your foreign bank accounts. At Greenback Expat Tax Services, we specialize in helping US citizens living abroad with their tax obligations. Our team of experienced tax advisors can guide you through the latest changes to the US tax code and provide personalized advice to help you minimize your tax liability. So, if you want peace of mind when it comes to your US expat taxes, let Greenback Expat Tax Services be your guide. Contact us today to schedule a consultation and take the first step towards stress-free expat tax compliance. 🔷 Learn More about FBAR Fincen Form 114: 🤍 🔷 Check out our Transparent Flat-fee Pricing: 🤍
Attention Global Entrepreneurs and Investors! Is the IRS dragging you down? Text “Wealth” to 818-938-2231. Anthony's firm, Parent & Parent LLP can help end your tax anxiety and frustration right now! We do it all so you can focus on better things. 20 successful years experience in tax planning, tax resolution (including audits!), bookkeeping, asset protection, and offshore disclosures/FBAR help. Everything you need under one roof. Thousands helped! Your 2017 FBAR /FinCEN IRS Form 114 / Report of Foreign Bank Accounts is due with your tax return in 2018. An automatic extension makes your FBAR due October 15th, 2018. If you are late filing your FBAR please click here for important information: 🤍 🤍 Contact us at 888-727-8796 if you need assistance filling out your FBAR, or if you have questions or concerns about past FBARs you may have misfiled (or not filed at all) And yes, your information will be subject to the attorney client privilege. 🤍 In this video Anthony Parent explains the IRSMedic-recommended way for individuals to file an FBAR themselves. *FBARs must be electronically filed* Instead of using the online FBAR form, Attorney Parent explains that downloading the FBAR PDF, completing it, then uploading it is a preferable way to file as one can save the PDF and make changes to it later. This can be key in the case of amending a previously incorrect FBAR. And also, when you are waiting on more information. It is important to note that opening the FBAR PDF in a browser will likely not work. Rather, it should be downloaded in Adobe Reader, saved, and uploaded to the Bank Secrecy Act E-filing website. Your 2015 FBAR is due June 30th 2016. There are no extension allowed. Starting in 2017, individual's 2016 FBAR will be due when your tax return is due. April 15th for US filers, June 15th for expats, October 15th for filers on extension or December 15th expats on a permissive extension. 🤍 If you need assistance filling out your FBAR, or if you have questions or concerns about past FBARs you may have misfiled (or not filed at all...and yes, your information will be subject to the attorney client privilege), contact us. We've successfully assisted thousands of clients read more about our success stories here: 🤍 If you want more information first, read more about us here: 🤍 And more about our Warranty and Guarantee here: 🤍 🤍irsmedic.com The Law Offices of Parent & Parent, LLP Real Tax Attorneys for Tough Tax Problems With clients from around the world 888.727.8796
🤍 FBAR First Time Due or First Time Filing Prior Years The FBAR is the Foreign Bank and Financial Account Reporting Form (aka FinCEN 114). The IRS requirements for submitting the FBAR in 2021 are not much different than what was required to be filed in prior years, but there are some recent clarifications to be aware of. The reason FBAR filing is so important, is that in recent years, the IRS has made foreign accounts compliance a key enforcement priority. The failure to timely report the FBAR may result in fines and penalties. This post will serve as a (brief) refresher as to why Foreign Bank Account Reporting should remain on your radar.
FBAR filing (FinCEN Form 114) is not that hard and you can do it yourself. I show my own FBAR filing and also explain who needs to file FinCEN Form 114, what are the foreign bank account thresholds for reporting, and what are considered foreign financial accounts and what are not. I also explain if FBAR filing is required for cryptocurrencies like Bitcoin and other crypto. If you are a US citizen and do offshore banking, you may be required to file FinCEN Form 114 for FBAR (Foreign Bank Account Reporting) under the The Foreign Account Tax Compliance Act (FATCA). If you are required to file a FinCEN Form 114, you may also be required to file IRS Form 8938 when you file your taxes. I will show you how to file FinCEN Form 114 online. I will also show you how to calculate the high water mark in your foreign bank accounts and where to get the official foreign exchange rates accepted by FinCEN. Having an offshore bank account is not for tax avoidance. US expats as well as US citizens use offshore banking for completely legitimate reasons. It is not illegal to have an offshore bank account, but it is illegal if you don't file an FBAR when you meet the requirements. Watch this video to see what is considered a foreign bank account and what isn't. Stay 🤍financially aware of the reporting requirements for your offshore bank accounts. Facts about FBAR filing: WHO HAS TO FILE FBAR US Citizen US Resident Corporation Partnership Limited Liability Company Trust and Estate You don’t need to file an FBAR for the calendar year if: All your foreign financial accounts are reported on a consolidated FBAR. All your foreign financial accounts are jointly-owned with your spouse and: You completed and signed FinCEN Form 114a authorizing your spouse to file on your behalf, and your spouse reports the jointly-owned accounts on a timely-filed, signed FBAR. Note: Income tax filing status, such as married-filing-jointly and married-filing-separately has no effect on your qualification for this exception. WHAT AMOUNT IS REPORTABLE A financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported. WHAT ARE CONSIDERED FOREIGN FINANCIAL ACCOUNTS Bank accounts such as savings accounts, checking accounts, and time deposits Securities accounts such as brokerage accounts and securities derivatives or other financial instruments accounts Commodity futures or options accounts Insurance policies with a cash value (such as a whole life insurance policy) Mutual funds or similar pooled funds Any other accounts maintained in a foreign financial institution or with a person performing the services of a financial institution. o Example: A Canadian Registered Retirement Savings Plan (RRSP), Canadian Tax-Free Savings Account (TFSA), Mexican individual retirement accounts (Fondos para el Retiro) and Mexican Administradoras de Fondos para el Retiro (AFORE) are foreign financial accounts reportable on the FBAR. Whether the account produced taxable income has no effect on whether the account is a “foreign financial account” for FBAR purposes. But, you don’t need to report foreign financial accounts that are: Correspondent/Nostro accounts, Owned by a governmental entity, Owned by an international financial institution, Maintained on a United States military banking facility, Held in an individual retirement account (IRA) you own or are beneficiary of, Held in a retirement plan of which you’re a participant or beneficiary, or Part of a trust of which you’re a beneficiary, if a U.S. person (trust, trustee of the trust or agent of the trust) files an FBAR reporting these accounts. WHAT IS NOT A FOREIGN FINANCIAL ACCOUNT Foreign real estate Safe deposit box in a foreign country Precious metals like gold and silver Cash in US Dollars or other currencies Bitcoin and other cryptocurrencies WHEN DO YOU HAVE TO FILE The FBAR is an annual report, due April 15 following the calendar year reported. You’re allowed an automatic extension to October 15 if you fail to meet the FBAR annual due date of April 15. You don’t need to request an extension to file the FBAR. PENALTIES FOR FAILURE TO FILE FBAR Individuals who don’t file an FBAR when required may be subject to civil and criminal penalties. The largest civil penalty for a willful violation of the FBAR requirements is the greater of $124,588 or 50 percent of the balance in the account at the time of the violation. Non-willful violations can result in a penalty as high as $12,459 for each violation. Criminal violations of FBAR rules can result in a fine and/or five years in prison. Disclaimer: I am not an account or tax attorney. Do not take anything in this video as financial or tax advice. This video is for educational purposes only.
New IRS 2022 FBAR Fact Sheet Release On Friday, April 1, 2022, the Internal Revenue Service released their 2022 FBAR Fact Sheet. The sheet is designed to provide an introductory primer to the FBAR. The FBAR is used to report Foreign Bank and Financial Accounts to FinCEN (Financial Crimes Enforcement Network, otherwise known as FinCEN Form 114). The release is a good summary of: -Who must file the FBAR; -When is the FBAR due; -What Accounts are Required on the FBAR -What are some of the Exceptions; and -How to Value the Accounts In general, when a US Person is in compliance, then filing the FBAR is not overly complicated — the real issue becomes when a person has been out of compliance for one or more years and must get into compliance in order to avoid fines and penalties.
영상에서 설명/참조한 사이트 URL 입니다 FBAR 관련 자료 보는 IRS 페이지 🤍 미국 거주자 구분 여부 확인하는 페이지 🤍 적용 환율 확인하는 페이지 🤍 FBAR 신고하는 E-File 페이지 🤍
FBAR And Filing FinCEN Form 114 : Step By Step Instructions For Reporting Offshore Accounts 2020. If you are a US citizen and do offshore banking, you may be required to file FinCEN Form 114 for FBAR (Foreign Bank Account Reporting) under the The Foreign Account Tax Compliance Act (FATCA). If you are required to file a FinCEN Form 114, you may also be required to file IRS Form 8938 when you file your taxes. I will show you how to file FinCEN Form 114 online. I will also show you how to calculate the high water mark in your foreign bank accounts and where to get the official foreign exchange rates accepted by FinCEN. Having an offshore bank account is not for tax avoidance. US expats as well as US citizens use offshore banking for completely legitimate reasons. It is not illegal to have an offshore bank account, but it is illegal if you don't file an FBAR when you meet the requirements. Watch this video to see what is considered a foreign bank account and what isn't.
🤍 Top 6 Common FBAR Reporting Mistakes to Avoid FBAR Amendment: After a US person has already filed their FBAR, they may realize that they missed some bank accounts or inaccurately reported some of the foreign financial information. Unfortunately, the IRS does not make it that simple for the FBAR filer to just go back and amend a previously filed FBAR. There are many factors to consider before amending the FBAR. Two of the most important pieces of information to keep in mind are the following: FBAR is not an IRS form, but rather a FinCEN Form; and There is a six year statute of limitations to assess penalties Let’s go through some of the basics when it comes to amending the FBARs:
If you have foreign financial accounts that exceed $10,000, you will likely need to file the Foreign Bank and Financial Accounts or FBAR. The most common situation occurs when a foreign national moves to the US while still maintaining a foreign bank account overseas. If you have any questions regarding foreign financial account reporting, feel free to reach out to us. At Le Tax Law, PLLC, we'll be with you every step of the way. For a detail explanation, check out letaxlaw.com/blog. FATCA video: 🤍 Website: 🤍 LinkedIn: 🤍 Facebook: 🤍
Learning Objectives: - Learn the purpose of the FBAR regulations - Determine who must file the FBAR - Determine the FBAR filing requirements - Determine who is exempt from the FBAR filing requirements - Understand the civil and criminal penalties that may be applicable for not complying with the FBAR filing requirements
Get on the waiting list and join us for the next Nomad Capitalist Live: 🤍 Get Our Help: 🤍 Join Our Email List and be the First to Hear about Breaking News and Exciting Offers 🤍 Discover essential guidelines for reporting foreign bank accounts on FBAR and ensure unwavering compliance with US tax regulations through this informative video. 00:00 Start 3:32 7 Types of Accounts to Report 9:16 Alternatives Nomad Capitalist is the world's most sought-after expert on legal offshore tax planning, dual citizenship, and international asset protection. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best." Nomad Capitalist has served as the “architect” and “general contractor” for 1,500+ clients who wanted one company to manage their holistic plans. We help these clients keep more of their wealth, increase their personal freedom, and protect their families and wealth against current and future threats at home. Our in-house team of researchers, strategists, and executioners know more about these strategies than just about anyone. We’ve also spent more than a decade building a trusted network of attorneys, accountants, real estate agents, and others to assist our clients. As a result, our approach is not only holistic, but agnostic; we offer our clients advice on and options in 90+ countries, more than any other firm by far. If you’re looking to diversify internationally, whether for lower taxes or as a “Plan B”, trust the industry pioneers at Nomad Capitalist and our experience serving the needs of globally-minded entrepreneurs and investors. DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
FBAR Filing Requirement and Foreign Owned U S SMLLC #FBAR #FINCEN #oandgaccounting
Attention Global Entrepreneurs and Investors! Is the IRS dragging you down? Text “Wealth” to 818-938-2231. Anthony's firm, Parent & Parent LLP can help end your tax anxiety and frustration right now! We do it all so you can focus on better things. 20 successful years experience in tax planning, tax resolution (including audits!), bookkeeping, asset protection, and offshore disclosures/FBAR help. Everything you need under one roof. Thousands helped! 🤍 When you file an FBAR the IRS assumes you have a heightened knowledge. They will punish you for any technical mistakes...as opposed to someone who never filed an FBAR. In order to assess the willful FBAR penalty (up to 50% of the account value), the IRS must find a reason that you were "willful" in your actions. Unfortunately, we've seen the IRS argue things like, "You knew enough to amend an FBAR, but you didn't know enough to read the instructions correctly?" Then, they go one step further and say, "Since you knew about the FBAR, you must know about the Internal Revenue Manual, the Bank Secrecy Act of 1970 (as amended) and the recent FBAR litigation on what is required in federal district court." If you are unsure if you should amend your FBAR yourself or if you need help doing it, contact us. We can help. Parent and Parent LLP 60 E 42nd St #4600 New York, NY 10165 (212) 256-1335 info🤍irsmedic.com
Effective July 1, 2013, electronic filing of FinCEN’s BSA e-filing system is mandatory for all FBARs. In addition, the FBAR form previously known as the TD F 90-22.1 was superceded by the FinCEN Form 114. When is the FBAR due? FBAR filing is due on June 30 for the prior calendar year. No filing extension is available. Elements of FBAR Filing There are four elements of FBAR Filing 1. “US Persons” must file if, 2. They have a financial interest in or signature authority over an account, 3. That account is a Foreign Financial Account, and 4. The aggregate value of the account(s) exceeds $10,000 at any time during the calendar year. So what does a US person mean. It means: • US citizens no matter where they reside • US residents • And US entities, which is any entity created or organized in the US or under US law US resident generally means a person that meets the green card and/or substantial presence test and those who have elected to be treated as residents. “Financial interest” generally means a US person who is the record owner or holds title directly, whereas “signature authority” means that you are not an owner but you can control the disposition of the account assets. “Foreign” means outside the United States. It is the physical location of the account that governs whether the location is outside of the U.S. The U.S. means all 50 states, D.C. and US territories and possessions. “Financial” means both monetary and non-monetary assets such as bank, brokerage and investment accounts, insurance and annuity policies with a cash value and mutual fund holdings. In general, it does not include real and personal property. There are exceptions to reportable accounts that are defined in the FBAR instructions or that your qualified tax professional could advise you about what exceptions may apply to you. “Account” means a relationship with a financial institution or a person acting as a financial institution. Lastly, aggregate value exceeds $10,000. To do this, you aggregate accounts with financial interest and those with signature authority. If the aggregate value exceeded $10,000 at any point during the calendar year, an FBAR is required. Valuing Foreign Financial Accounts For The FBAR • Each account must be valued separately at its highest value for the calendar year • You can rely on periodic statements such as monthly statements, however it may be easier just to ask your bank for the highest account value for the year • The value in your local currency must be converted to US dollars based on the December 31 Treasury Reporting Rate of Exchange • You must aggregate all accounts, however you do not double count accounts for determining the threshold. • So let’s take a look at how that works The FBAR reporting requirements are deceptively complex with severe penalties for failure to comply with the requirements. Please don’t hesitate to contact us here at Tax Samaritan for assistance with your FBAR reporting needs – whether timely filing or late filing we can help. It is important to note that there are severe civil and criminal penalties that can be applicable for failing to comply with the FBAR filing requirements.
U.S. citizens & green card holders who own foreign financial assets (e.g. bank accounts, investment brokerage accounts, shares in privately held companies, etc.) must comply with special IRS foreign reporting. Depending on the aggregate values of the foreign financial assets, the following tax reporting may apply: - FBAR FinCEN Form 114, Report of Foreign Bank and Financial Accounts - IRS Form 8938, Statement of Specified Foreign Financial Assets Check out information and examples of assets on the IRS site (link) 🤍 Also, note that additional foreign reporting forms may apply, such as the following: - IRS Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations - IRS Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
Attention Global Entrepreneurs and Investors! Is the IRS dragging you down? Text “Wealth” to 818-938-2231. Anthony's firm, Parent & Parent LLP can help end your tax anxiety and frustration right now! We do it all so you can focus on better things. 20 successful years experience in tax planning, tax resolution (including audits!), bookkeeping, asset protection, and offshore disclosures/FBAR help. Everything you need under one roof. Thousands helped! Ah...another day of "justice" meted out by our Supreme Court The government agrees the taxpayer did nothing intentionally wrong. But still wanted to impose $2.1 million in penalties for making an innocent mistake. Well thank goodness for the Supreme Court. They were able to muster the courage to get that down to $40,000. The Bittner decision is a a victory of sorts - but only in relation to the complete hell the IRS insisted on imposing. And no justices can apparently read the actual authorizing stature. If they did they would while there an FBAR regulations to be sure, there is no statute authorizing anything close to the FBAR. So the question when will Yale and Harvard begin teaching its precious law school students remedial reading comprehension? It seems some basic instruction is sorely needed. Host Attorney Anthony E. Parent, Esq. discusses fellow FBAR lawyer's John Richardson's latest article on the Bittner decision. He exposes why it might not be the victory people think. Joining them is Keith Redmond, Global Advocate for the American overseas. The three agree to the IRS's response - willful penalties. 🤍 John RICHARDSON 🤍citizenshipsolutions.ca citizenshipsolutions🤍proton.me If you want to remain a US citizen but lessen the impact of US taxation, the best time to get a tax plan together is now. Contact Anthony to help you. Anthony PARENT 🤍irsmedic.com aparent🤍irsmedic.com If you aren’t sure what to do but don’t want to be forced into something that isn’t right for you, the best time to reach out to Keith Redmond is now. Contact Keith to help you. Keith REDMOND 🤍 US_Overseas_Advocate🤍outlook.com
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