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Overview of Voluntary Disclosure Agreements
U.S. citizens, resident aliens and any domestic legal entity with foreign financial accounts have a deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) by April 15, 2022. Filers who miss the April deadline will receive an automatic extension until Oct. 15, 2022, to file the FBAR. Keep in mind, an extension request is not needed.
The Bank Secrecy Act (BSA) mandates U.S. individuals to file FBARs under the following circumstances:
Given these requirements, U.S. individuals or entities with foreign accounts, no matter the size, are recommended to see if they qualify for FBAR filing requirements to avoid possible penalties.
The FBAR must be filed electronically with the Financial Crimes Enforcement Network (FinCEN), not on a federal income tax return. It can only be accessed and submitted through the BSA E-Filing System. Anyone unable to e-file their FBAR within the United States must contact FinCEN by phone at 800-949-2732 (703-905-3975 if calling from outside the United States) or by email at FRC@fincen.gov.
Anyone who fails to file their FBAR when required could fall victim to substantial civil and criminal penalties that could result in a fine and/or prison time. However, the Internal Revenue Service (IRS) will not issue a penalty to those who correctly reported a foreign account on a late FBAR if it determines there was a reasonable cause for the delay.
If you need assistance filing your FBAR before the deadline, Doeren Mayhew’s international tax advisors stand ready to help. Contact us today to get started.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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