The Bank Secrecy Act of 1970 or BSA also known as the Currency and Foreign Transactions Reporting Act was created to require insured banks to maintain records and that transactions in U.S. dollars be reported to the Department of the Treasury.
To fight money laundering the government and financial institutions made these laws so they may have records of cash purchases on contracts exceeding $10,000 daily, in addition to giving them the ability to report activity such as tax evasion, money laundering and other crimes.
Per the BSA all citizens and residents in the United States must file the Foreign Bank and Financial Accounts form also called FinCen Form 114 if they have signature authority over any type of financial account including securities and banks in a foreign country. The Internal Revenue Service has said that this only applies to financial accounts outside of American authority that have a total of $10,000 or more at any point during the year.
A FBAR must be created separately along with restatement of the accounts on the tax form entitled Form 1040 in the Schedule B area.
The date for filing the FBAR is June 30th of every year. Getting the FBAR processed on time is important to avoid any expensive late fees. Should some uncertainty arise as to the actual requirement for filing call FBARfiling.org they will be happy to answer any questions and give more information concerning the prerequisites or penalties to avoid any unnecessary paperwork.
Currently there is no extension on the FBAR deadline. Other time extensions do not apply to this document.
It is also important to keep records containing the name of the account holder, any alternative designations, and the amount. The name and address of the foreign financial institution being documented is also required along with the account’s classification. Of course, one must also maintain documentation of the account’s highest value throughout the reporting year.
At the website https://fbarfiling.org FBAR download is available for anyone who may need to complete this document on their own. This company also offers processing therefore once one is finished filling out their form all that is left to do is to send it back to the company. Do this by emailing, faxing, or putting the forms in the mail.
Another option is to call FBARfiling.org over the phone to process your application. Their number is (408) 753-8305 in the United States of America. Someone will take down the information so that one’s FBAR can be completed effectively.
When one needs official assistance with the FBAR then FBARfiling.org can help. Headquartered in San Jose, California to make the process swift, laidback, and inexpensive.