Report of Foreign Bank and Financial Accounts (FBAR)

The Report of Foreign Bank and Financial Accounts (FBAR) aims to combat money laundering, tax evasion and other financial crimes. U.S. taxpayers must report foreign financial accounts to the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury. 

With stringent reporting requirements and penalties, it is important to consult an FBAR lawyer to understand the FBAR’s reporting obligations, to comply with the law and to address any specific circumstances or questions related to foreign financial accounts.  In recent years, FATCA reporting has assisted the IRS enforcement of FBAR reporting.

Hone Maxwell LLP’s FBAR lawyers, assist individuals and entities with FBAR matters, including:

  • Compliance Guidance: Our FBAR lawyers help clients understand their obligations and requirements under the FBAR regulations. We provide guidance on who needs to file an FBAR, what types of foreign financial accounts must be reported and the reporting thresholds
  • FBAR Filing Assistance: HMLLP’s FBAR lawyers assist clients in preparing and filing accurate and timely FBAR reports. We ensure all relevant financial accounts are properly disclosed and all necessary information is provided to meet regulatory standards.  Additionally, we can assist your current tax preparer with this reporting.
  • Penalty Mitigation: If a client has failed to file FBARs in the past or made errors in their reporting, our FBAR lawyers can help mitigate potential penalties. Our FBAR lawyers analyze the circumstances, assess the level of non-compliance and develop strategies to minimize or resolve penalties through voluntary disclosure programs or other legal avenues.
  • Legal Representation: In cases where a client is facing FBAR-related investigations, audits or enforcement actions by the IRS or other government agencies, HMLLP’S FBAR lawyers provide legal representation. We advocate for our client’s interests, handle communication with the relevant authorities and work toward achieving the best possible outcome for our clients.
  • Tax and International Law: FBAR compliance often intersects with various tax laws and international legal considerations. HMLLP’s FBAR lawyers possess a deep understanding of tax codes, regulations and international treaties, ensuring our clients remain compliant and address any related legal issues.

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