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FBAR, FATCA Guidance & E-Filing (Mandatory Filing as per IRS)

Crescent tax Filing will help you with accurate guidance and E-File your FBAR and FATCA for free of cost. If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network Form (FinCEN) 114.

April 15th is the last date to file your FBAR and FATCA, 6 months of extension can also be granted.

United States persons are required to file an FBAR if:

• The United States person had a financial interest in or signature authority over at least one financial account located outside the United States.
• The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported

United States person includes U.S. citizens; U.S. residents, entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States and trusts or estates formed under the laws of the United States.

Taxpayers, who have not filed a required FBAR and are not under a civil examination or a criminal investigation by the IRS and have not already been contacted by the IRS about a delinquent FBAR, should file any delinquent FBAR according to the FBAR instructions and include a statement explaining why the filing is late.

Those required to file an FBAR, who fail to properly file a complete and correct FBAR may be subject to civil monetary penalties. IRS may assess an inflation-adjusted civil penalty not to exceed $12,459 per violation for non-willful violations that are not due to reasonable cause. For willful violations, the inflation-adjusted penalty may be the greater of $124,588 or 50 percent of the balance in the account at the time of the violation, for each violation.

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