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David W. Klasing is a dually certified tax attorney-CPA providing FinCEN Form 114 preparation services for individuals and business entities throughout Metropolitan Los Angeles. As a former public auditor with more than 20 years of tax experience, Mr. Klasing wields unparalleled knowledge of the laws and regulations surrounding FinCEN Form 114, or FBAR, which he uses to help taxpayers comply with FBAR rules while mitigating tax liabilities effectively.
With support from a highly skilled and experienced team comprised of Los Angeles tax lawyers and CPAs, Mr. Klasing can assist you with any aspect of your FBAR tax needs. Whether you require assistance filing FinCEN Form 114, preparing for a tax audit related to previously filed FBARs, or navigating the various IRS disclosure options for which you may qualify, depend on the Tax Law Office of David W. Klasing to deliver efficient, proactive counsel designed to protect your best interests while bringing you into compliance with the law. For a reduced-rate consultation with our Los Angeles FBAR attorneys, contact us online, or call our Los Angeles tax office at (310) 492-5583.
What is FinCEN Form 114 (FBAR)?
FinCEN is an acronym that refers to the Financial Crimes Enforcement Network, which, along with the Internal Revenue Service, is part of the U.S. Department of the Treasury. FinCEN Form 114, which was previously known as TD F 90-22.1, is commonly called the “FBAR,” which stands for “Foreign Bank Account Report.”
As the name implies, the purpose of the FBAR, or FinCEN Form 114, is to disclose offshore bank accounts and global income to the federal government. A taxpayer may file the form personally, or may appoint a personal representative, such as an FBAR lawyer or CPA, to handle the submission process.
Unlike income tax returns, which are submitted to the IRS, the FBAR is filed with FinCEN using its virtual BSA E-Filing System. There is no paper version of the FBAR, which can only be filed online as of this time.
Who Must File FinCEN Form 114?
Unfortunately, the filing requirements for the FBAR are broad, sweeping numerous taxpayers into their net. Though exceptions sometimes arise, you are likely required to file FinCEN Form 114 if the following statements describe you:
- You are a U.S. citizen or a U.S. person. The IRS defines “U.S. person” to mean resident aliens (green card holders/lawful permanent residents), domestic partnerships and corporations, and domestic trusts and estates.
- Note that non-resident aliens, though generally exempt from the FinCEN Form 114 requirement, may need to file related tax forms such as Form 8938 (Statement of Specified Foreign Financial Assets).
- You control or have access to, or previously controlled or had access to, one or more foreign bank accounts, such as checking, savings, or business accounts at banks located overseas.
- The contents of the account or accounts exceeded $10,000 at any time, even if temporarily.
It is extremely important to be aware that you may have FBAR filing requirements even if you do not physically reside in California or the United States. Even if you are currently living or working abroad, perhaps thousands of miles from Los Angeles, you must still report worldwide income to the U.S. government if you meet the aforementioned FBAR filing criteria, unless you are exempt for other reasons. For instance, the beneficiaries and owners of U.S. IRAs may be exempt from the FinCEN Form 114 requirement.
It is prudent to discuss your specific situation with an experienced FinCEN Form 114 lawyer who can advise you of your responsibilities and bring you into compliance with FBAR regulations. If you have failed to comply with FinCEN Form 114 regulations in the past, our Los Angeles FBAR tax attorneys can also help you explore options for voluntary disclosure.
FinCEN Form 114 Filing Deadline to Report Foreign Bank Accounts
As with any tax form, it is critical to file your FBAR in a timely fashion. The FinCEN Form 114 due date is generally April 15, coinciding with the deadline – in most years – to file your federal personal income tax return. Note that, depending on the timing of weekends and federal holidays, the deadline may be postponed by several days for certain tax years.
The April 15 FBAR due date, which was previously June 30, was established by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, which also provided taxpayers a six-month filing extension for FinCEN Form 114. Taxpayers who receive the extension have until October 15 to file the form online.
If you missed the initial FBAR due date, and subsequently failed to file by the extended October deadline, you will need to take swift action. Our Los Angeles FBAR lawyers can work with you to determine the lowest-risk, most suitable method for satisfying the applicable reporting requirements and disclosing your foreign accounts properly, such as filing a delinquent FBAR or participating in disclosure programs like the streamlined filing compliance procedures. Note that the Offshore Voluntary Disclosure Program, which tens of thousands of taxpayers have used over the years, was formally discontinued by the IRS in September 2018, eliminating the OVDP as an option for individuals with undisclosed foreign income.
Los Angeles FinCEN Form 114 Attorney-CPA for Help Filing FBAR
At the Tax Law Office of David W. Klasing, we have built a substantial portion of our award-winning tax practice around FBAR representation in Los Angeles and beyond. With more than 20 years of combined experience providing international tax services for U.S. citizens, residents, non-residents, and business entities, we are well-versed in the intergovernmental agreements, international treaties, and federal tax laws that govern tax requirements like FinCEN Form 114 and the related Form 8938.
No matter why you have bank accounts in a foreign country – whether you are a recent immigrant to the United States, a frequent business traveler, a dual citizen, a business owner, an American expat, a member of the U.S. military, or have family members overseas – we can work to limit the interest and penalties you may owe, while educating you on your rights and responsibilities with regard to FinCEN Form 114 filing requirements. To discuss your FBAR tax needs in a confidential, reduced-rate consultation, contact the Tax Law Office of David W. Klasing online, or call our Los Angeles tax office at (310) 492-5583 today.
