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FBAR

TFX can file FBAR for you as well as help with your US taxes.

FBAR

What you need to know:

Who must file FinCEN form 114 (FBAR)?

Any US Person who owns one or more foreign financial accounts with a combined total of $10K or more.

Who is not required to file FinCEN form 114 (FBAR)?

  • You own or have signature authority over a bank account in a US military financial institution operated by the United States for the purpose of servicing US government operations abroad,
  • You are an employee or officer of a bank which is under the authority of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, or Office of Thrift Supervision and you have no personal interest in the bank account.
  • You are an employee or officer of a domestic corporation that has equity securities listed on a national securities exchange and you have no personal interest in these securities.
  • You are an employee or officer of a domestic corporation that has assets which exceed $10M and more than 500 shareholders and you have no personal interest in these assets.

How to file FBAR?

FinCEN Form 114 can only be filed online with the Treasury; it has nothing to do with your US expat tax return (filed with the IRS). If you have been granted a filing extension by the IRS for your US expat tax return, this filing extension does not extend to FinCEN Form 114. FinCEN 114 (FBAR) is due April 15th, but is extended until Oct 15 automatically.

What about FATCA 8938?

Form 8938 is an additional foreign account reporting requirement separate from the Report of Foreign Bank and Financial Accounts (FBAR) that needs to be filed with the U.S. Treasury annually. If a taxpayer has more than a certain amount of foreign assets, Form 8938 must be filed as part of Form1040 with the IRS and requires reporting an expanded list of foreign assets not covered by FBAR.

How TFX can help

Expert team, no junior staff

At TFX we have been preparing business tax returns for over 25 years. We never hire junior staff. No outsourcing, no middlemen: you’ll be working directly with an experienced (our average age is 42) CPA or EA who will handle your case from beginning to end.

Expert team, no junior staff

Help & support

Aside from knowledge, convenience and security are what we value at TFX. And these key features are what our clients are thrilled with. Our best-in-class secure online portal makes TFX the top-rated tax firm (with an average score of 4.8/5 Trustpilot).

Help & support

Phone consultations

In addition to tax filing & compliance, TFX offers tax planning & phone consultations. Choose a convenient time & book directly in your client portal.

Phone consultations

Transparent pricing

TFX pricing is transparent, which means you’ll always know what you pay for.

Transparent pricing
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success@tfx.tax

ADDRESS

276 5th Ave, St. 704, NY NY 10001

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