FinCEN Foreign Assets Disclosure

Foreign Bank Financial Accounts

Are you a US taxpayer with foreign bank accounts or financial assets?

Navigating the tax reporting requirements for foreign bank accounts can be complex, but our specialized tax services are here to ensure compliance with US tax laws and reporting obligations.

Here's how we can assist you:

1. FBAR Reporting Compliance:

The Foreign Bank Account Report (FBAR) is a crucial component of U.S. tax compliance for taxpayers with foreign financial accounts exceeding certain thresholds. We'll help you determine if you have an FBAR filing requirement, gather the necessary information, and accurately report your foreign bank accounts to the Financial Crimes Enforcement Network (FinCEN).

2. FATCA Reporting Assistance:

The Foreign Account Tax Compliance Act (FATCA) requires US taxpayers to report certain foreign financial assets to the IRS. We'll assist you in identifying FATCA reportable assets, such as foreign bank accounts, investment accounts, and certain foreign securities, and ensure compliance with FATCA reporting requirements on Form 8938.

3. Voluntary Disclosure Program Assistance:

If you have unreported foreign bank accounts or income from foreign financial assets, participating in the IRS Voluntary Disclosure Program (VDP) can help mitigate potential penalties and avoid criminal prosecution. We'll guide you through the VDP process, prepare all necessary disclosures, and negotiate with the IRS on your behalf to achieve a favorable resolution.

4. Foreign Account Compliance Review:

Our team will conduct a comprehensive review of your foreign bank accounts and financial assets to ensure compliance with U.S. tax laws and reporting requirements. We'll assess the accuracy of your previous filings, identify any potential compliance issues or reporting errors, and provide recommendations for corrective action.

With Sunstone CPA's comprehensive tax services for foreign bank financial accounts, you can achieve peace of mind knowing that your tax reporting obligations are being handled with precision and expertise. Contact us today to learn more about how we can assist you in navigating the complexities of foreign account taxation and ensuring compliance with U.S. tax laws.