Report of Foreign Bank and Financial Accounts (FBAR) Service
$125 (Up To 5 Accounts)
$10 each additional account
The Bank Secrecy Act (BSA) gives the Department of Treasury the authority to collect information from United States persons, including expats, who have financial interests in or signature authority over financial accounts maintained with financial institutions located outside of the United States.
The BSA requires that a FinCEN Report 114, Report of Foreign Bank and Financial Accounts (FBAR), be filed if the maximum values of the foreign financial accounts exceed $10,000 in the aggregate at any time during the calendar year. This means that if you have more than one financial account, you can pass the US$ 10,000 threshold even if you do not have that amount in any one particular account. When adding your balances together, accounts such as checking, savings, pension, cash value insurance policies, and other investment accounts need to be included.
The scope of the FBAR filing requirement is quite broad. Even when an account is solely in the name of a non-U.S. spouse or relative, or in the name of a corporation, and your only connection with the account is the fact that you have the right to sign checks and withdraw from the account, you still have a requirement to file the form and include such account.
We can help with filing the FBAR form (FinCEN Form 114) electronically using the BSA E-Filing System maintained by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). Failure to file this form can result in significant penalties.
Why Choose Expat Tax Professionals to Prepare Your FBAR?
At Expat Tax Professionals, our main focus is client satisfaction. Our experienced team of CPAs ensure that your tax-filing experience is seamless and hassle-free and that your forms are timely filed and accurate.
The qualities that set us apart are:
1. Real Experience – We only serve U.S. citizens living abroad, which means we have a thorough understanding of U.S. taxation and your unique situation.
2. True Expertise – We only employ U.S. trained and licensed CPAs and U.S. tax attorneys. A licensed CPA prepares, reviews, and signs every return we file.
3. Painless Process – We understand you’re busy, so we’ve made it easy for you to work directly with a CPA using email and our secure site to upload documents. Your CPA is there to guide you every step of the way.
4. Flat Fee – Our pricing is simple and we provide a quote for services before we begin work. We’re all about transparency—there are no surprise fees or add-ons.
5. No Outsourcing – Unlike other companies, our expert staff does all your work in-house. We never outsource anything to a third party.
6. Safe and Secure – We take security very seriously. You can be rest assured that your information is always protected using 256-bit SSL for file transfers and 256-bit AES encryption for files at rest. This is the same security used by banks and many e-commerce sites such as Amazon.com.