Top 6 Common FBAR Reporting Mistakes to Avoid
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Top 6 Common FBAR Reporting Mistakes to Avoid
FBAR Amendment: After a US person has already filed their FBAR, they may realize that they missed some bank accounts or inaccurately reported some of the foreign financial information. Unfortunately, the IRS does not make it that simple for the FBAR filer to just go back and amend a previously filed FBAR. There are many factors to consider before amending the FBAR. Two of the most important pieces of information to keep in mind are the following:
FBAR is not an IRS form, but rather a FinCEN Form; and
There is a six year statute of limitations to assess penalties
Let’s go through some of the basics when it comes to amending the FBARs:
Видео Top 6 Common FBAR Reporting Mistakes to Avoid канала Golding & Golding International Tax Lawyers
Top 6 Common FBAR Reporting Mistakes to Avoid
FBAR Amendment: After a US person has already filed their FBAR, they may realize that they missed some bank accounts or inaccurately reported some of the foreign financial information. Unfortunately, the IRS does not make it that simple for the FBAR filer to just go back and amend a previously filed FBAR. There are many factors to consider before amending the FBAR. Two of the most important pieces of information to keep in mind are the following:
FBAR is not an IRS form, but rather a FinCEN Form; and
There is a six year statute of limitations to assess penalties
Let’s go through some of the basics when it comes to amending the FBARs:
Видео Top 6 Common FBAR Reporting Mistakes to Avoid канала Golding & Golding International Tax Lawyers
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17 июня 2021 г. 3:17:25
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