Foreign Bank Account Reporting (FBAR) requirements – Due June 30 Moline, IL Desi Indian

Moline, IL Discussion Forum

Topic: Foreign Bank Account Reporting (FBAR) requirements – Due June 30
Posted By: Manendra Kothari	2011-05-05
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. 100% of our clients are FBAR compliant over past few years and they enjoy peace of mind now. We are surprised to learn how thousands of taxpayers who were required to file this form were not even educated about this requirements. We are working with quite a few clients to make them compliant for this requirements either by filing late returns or amending prior returns or applying for OVDI as the case require. Read more at: http://sktaxes.com/?p=87 Feel free to call if you failed to file FBAR forms for previous years or have any tax questions: Manendra Kothari, CPA 847.232.3985 MKothari@SKTaxes.com www.SKTaxes.com

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