FBAR Deadline 2019 & 2020
FBAR Deadline: The FBAR is Foreign Bank and Financial Account Form FinCEN 114. The Form is an electronic form that the IRS requires U.S. persons to file, when the filer meets the threshold for filing. The Threshold for filing is when:
“The filer has an annual aggregate balance for all foreign accounts combined, that exceeds more than $10,000 on any given day of the year.”
The most important thing to remember, is that it is not a per account threshold, and the form is required even if the filer does not have a tax return filing requirement.
Rather, whether there is one account with $200,000 or 20 accounts with $600 in each account — once the aggregate threshold value is exceeded, the person must then file the FBAR.
As with taxes, in 2020 the filer will submit their FBAR for balances from the prior year.
Stated another way, the 2020 FBAR is used to report the 2019 account balances.
FBAR Deadline in April or October?
Technically, the FBAR is due to be filed when the tax return is due, which is April.
But, the FBAR is on automatic extension, so therefore the Taxpayer has until October to file the FBAR, and they do not need to file any forms to request the extension.
*The automatic extension can change at anytime, so filers should be sure to check in subsequent years as to whether the automatic extension rules still apply.
Missed the FBAR Reporting Due Date?
When a person misses the FBAR deadline for reporting, then the FBAR is considered delinquent.
A taxpayer cannot just go back and file a late FBAR. Rather, they are required to submit to one of the voluntary disclosure/Tax amnesty programs.
Our FBAR Lawyers Represent Clients Worldwide
Our FBAR Lawyer team specializes exclusively in international tax, and specifically IRS offshore disclosure when taxpayers missed the FBAR deadline in or more prior (or current) years.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.
Each case is led by a Board-Certified Tax Law Specialist with 20 years of experience, and the entire matter (tax and legal) is handled by our team, in-house.
*Please beware of copycat tax and law firms misleading the public about their credentials and experience.
Less than 1% of Tax Attorneys Nationwide Are Certified Specialists
Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.
Recent Case Highlights
- We represented a client in an 8-figure disclosure that spanned 7 countries.
- We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
- We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
- We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
- We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
How to Hire Experienced Offshore Counsel?
Generally, experienced attorneys in this field will have the following credentials/experience:
- 20-years experience as a practicing attorney
- Extensive litigation, high-stakes audit and trial experience
- Board Certified Tax Law Specialist credential
- Master’s of Tax Law (LL.M.)
- Dually Licensed as an EA (Enrolled Agent) or CPA
Interested in Learning More about Golding & Golding?
No matter where in the world you reside, our international tax team can get you IRS offshore compliant.
Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.