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In San Francisco, navigating the complexities of international tax compliance can be daunting, especially when reporting foreign financial accounts. FinCEN Form 114, the Report of Foreign Bank and Financial Accounts (FBAR), is a critical requirement for U.S. taxpayers holding foreign assets. Financial Crimes Enforcement Network (FinCEN) is a federal agency that oversees financial data to protect it from cyber terrorists and other criminal organizations. Failure to comply with FBAR requirements can result in severe civil and criminal tax penalties. Our San Francisco FinCEN Form 114 Attorneys & CPAs specialize in guiding taxpayers through the intricacies of FinCEN Form 114, the mandatory IRS form for reporting offshore bank & financial accounts. Our award-winning team, with a long track record in international tax representation, ensures compliance, safeguards your legal rights, and strategizes to minimize IRS tax civil and criminal tax and foreign information reporting penalties.

What is FinCEN Form 114 (FBAR)?

FinCEN, or the Financial Crimes Enforcement Network, is an agency within the U.S. Department of the Treasury that works alongside the IRS. FinCEN Form 114, commonly known as the “FBAR” (Foreign Bank Account Report), is used to disclose offshore bank accounts and global income to the federal government.

Unlike income tax returns submitted to the IRS, the FBAR must be filed electronically with FinCEN using its BSA E-Filing System. There is no paper version of the FBAR; it can only be filed online.

Who Must File FinCEN Form 114?

The FBAR filing requirements are broad and encompass many taxpayers. You are likely required to file FinCEN Form 114 if the following conditions apply to you:

U.S. Citizenship or Residency

You are a U.S. citizen, a resident alien (green card holder), a domestic partnership or corporation, or a domestic trust or estate.

Note: Non-resident aliens are generally exempt from filing FinCEN Form 114 but may need to file related forms such as Form 8938 (Statement of Specified Foreign Financial Assets).

Foreign Bank Accounts

You control or have access to, or previously controlled or had access to, one or more foreign bank accounts. These accounts can include checking, savings, or business accounts at overseas banks.

Account Value

The contents of your foreign account(s) exceeded $10,000 during the calendar year, even temporarily.

It is crucial to understand that FBAR filing requirements apply even if you do not physically reside in California or the United States. If you live or work abroad, you must still report your worldwide income to the U.S. government if you meet the FBAR criteria unless exempt for other reasons. For example, beneficiaries and owners of U.S. IRAs may be exempt from the FinCEN Form 114 requirement.

If you missed the initial FBAR due date and failed to file by the extended October deadline, you must take swift action. Our San Francisco 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.

When is FinCEN Form 114 (FBAR) Due?

FinCEN Form 114 is due on April 15 unless a federal holiday or weekend disrupts the regular government schedule for processing FBARs. Taxpayers qualify for an automatic FBAR filing extension of up to six months, moving the extended FBAR deadline to October 15.

International FinCEN Form 114 Combo Tax Attorneys & CPAs in San Francisco

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 San Francisco and beyond. With nearly three decades 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.

David W. Klasing is a dually certified tax attorney-CPA providing FinCEN Form 114 preparation services for individuals and business entities throughout California and beyond. As a former public auditor, 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. 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 concerning FinCEN Form 114 filing requirements.

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 dual-licensed San Francisco FBAR Tax Attorneys & CPAs, contact us at (415) 287-6568 or schedule a reduced-rate initial consultation online here at our San Francisco office or other convenient locations in Northern California.

Our San Francisco office is conveniently located at:

1390 Market St #200, 

San Francisco, CA 94102 

(415) 287-6568