Surgent's Report of Foreign Bank and Financial Accounts (FOR2)

Description

If a client has a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account exceeding certain thresholds, the Bank Secrecy Act may require that taxpayer to report the account yearly to the Department of Treasury. This is done by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).

Highlights

• Filing date for FinCen Form 114
• Individuals required to file FinCen Form 114
• Reporting thresholds for FinCen Form 114
• Penalties for failure to file a required FinCen Form 114
• IRS Criminal Investigation Voluntary Disclosure Practice (replaced the Offshore Voluntary Disclosure Program)
• Delinquent FBAR Submission Procedures
• Other foreign activity reporting, including foreign trusts, partnerships interests, and investments in foreign corporations

Objectives

• Advise clients regarding when to complete and submit FinCen Form 114
• Advise clients with respect to foreign bank and financial asset required reporting

Designed For

Tax professionals advising clients with respect to foreign asset and foreign account reporting