Review the reporting obligations and the history
The FBAR is a foreign bank account report filed with FinCEN, separate from an income tax return. Other foreign-asset and international tax reporting requirements may also apply. The appropriate response to an omission depends on the accounts, reporting years, circumstances, and any existing government contact.
How the firm can help
- Reviewing foreign-account and offshore reporting concerns
- Evaluating prior filings and potential omissions
- Assessing available correction or disclosure paths in light of the facts
- Representing taxpayers in related IRS examinations and penalty disputes
Choose a correction approach carefully
Do not assume that filing a missing report alone resolves every issue. Contact the firm to discuss your reporting history and any IRS correspondence before choosing a course of action.
Read our guide: FBAR and Offshore Accounts: What Must You Report?
Is an FBAR the same as reporting assets on a tax return?
No. FBAR reporting is separate from income tax reporting, and some taxpayers may have additional foreign-asset reporting obligations. A review should consider each applicable requirement rather than treating one filing as a substitute for another.
Melbourne Beach, Florida — nationwide representation
McCarthy Tax Law, P.A. is based in Melbourne Beach, Florida, and represents taxpayers nationwide in federal tax controversies. Whether you are in Florida or another state, contact the firm to discuss your fbar & offshore compliance matter and potential legal options.
Official reference: FinCEN — FBAR & Offshore Compliance