The FBAR has come under scrutiny with the implementation of the FATCA regime. Under the requirements of the FBAR, taxpayers with more than U.S. $10,000 in foreign accounts must report these bank accounts yearly to the Financial Crimes Enforcement Network (FinCEN) using FinCEN Form 114. Taxpayers are also required to report accounts for which they only have signature authority, such as for a business or parent. Failure to report these accounts can result in significant penalties and possibly criminal prosecution. Our professionals at Hone Maxwell LLP have the experience required to assist you with your FBAR filing requirements and review your options for disclosure if you have failed to file FBARs in the past.

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