FBAR Threshold: The FBAR is a Foreign Bank and Financial Account Reporting Form. Technically, it is referred to as FinCEN Form 114. FinCEN is the Financial Crimes Enforcement Network. The FBAR form was introduced nearly 50-years ago.
But, in 2003, the IRS began penalty enforcement of the FBAR, and that’s when the trouble began for U.S. Persons around the globe.
While the form is not as complicated as many other international information reporting forms, the failure to file it timely can spell trouble — since the penalties associated with non-compliance can be staggering.
What is the Threshold for FBAR Filing?
The threshold is as follows:
“If the annual aggregate total of money in the accounts exceeds $10,000 on any given day of the year, then ALL the reportable accounts are reported.”
FBAR Threshold Filing Cheat Sheet
Please take note of the following information involving the FBAR Threshold
- It is not +$10,000 per account; it is an annual aggregate total of all accounts
- Zeroed accounts are reportable
- Dormant account are reportable
- Inactive accounts are reportable.
- Financial Accounts may include: Life Insurance, Investment Accounts, Pension Accounts, etc.
- No “Same-Country” exception
Beware of Fear-Mongering
Some attorneys are just plain bad. They give horrible advice based on their own misunderstanding on how FBAR works.
- You are not going to jail for life if you missed the FBAR
- Most FBAR violations are fixable
- Not all violations are willful
- Penalties may be mitigated
Our FBAR Lawyers Represent Clients Worldwide
Our FBAR Lawyer team specializes exclusively in international tax, and specifically IRS offshore disclosure.
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.