If you own or have authority over a foreign financial account, then you may be required to disclose the bank account annually to the Internal Revenue Service. The IRS is eying over $100 billion in unpaid FBAR back taxes stashed in offshore accounts. So, don’t wait for the IRS to come after you. Each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if

1. The person has a financial interest in, or signature authority (or other authority that is comparable to signature authority) over one or more accounts in a foreign country, and
2. The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

Questions on FBARs or failed to file in the past - Call to fix FBAR reporting or OVDI:

Manendra Kothari, CPA

847.232.3985

MKothari@SKTaxes.com

www.SKTaxes.com