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Well FBAR filing is the procedure by which, taxpayers are used to declaring their foreign
accounts. Thus we cannot call it a general thing. It is a very particular activity, and no one but a
particular group of taxpayers is required to fulfill this legal obligation. In today's environment
where the IRS along with other organizations is striking hard on money launderers, we have to
take this subject seriously. When it comes about the declaration of foreign financial accounts,
there are multiple options available like,
FBAR Filing
Delinquent Returns Filing
Amended Returns Filing
OVDP
However, only a professional lawyer can assist you with the selection part. As a taxpayer, who is
not well aware of the consequences of taking any one options, you should consider seeking an
expert`s opinion. At the end of the day, it is going to bring a gigantic impact on your financial
and social life. Now let us proceed with some general information related to the FBAR filing

Call it Foreign Bank and Financial Accounts Reports (FBAR). As it names confirms it is kind of
a report that is filed periodically. Taxpayers with having foreign bank accounts and other
offshore financial assets are bound for its filing by law. Those who didnt have declared their
foreign accounts of property are under a greater danger of being caught. By law, it is a criminal
offense and quite a prosecutable one. At the end of the day if the IRS found any such account in
your possession during an audit, then you would likely face particular difficulties in the future.
Therefore, the FBAR filing is a wise and one of the simplest options available for having this job
done. As we have mentioned above, there are multiple such options available. But, for those who
want to keep their matters straight with the IRS, this one is most suitable.

FBAR filing is not a general practice. In fact, a group of taxpayers who are having foreign
accounts can still proceed without making a declaration. However, this relaxation is kept
available for those who dont have more than a sum of ten thousand dollars available outside the
United States of the American. So, everyone who is having even one dollar more than that of the
threshold limit is liable for the filing of an FBAR. It is done on the yearly basis.

When it comes to the consequences of not filing an FBAR after it was due already, some things
can happen. The IRS and FinCEN do have some strong rules and regulations to deal with
situations like this. In case if you are the one who failed to comply with this legal obligation than
stay relax! They are not going to take your case as seriously as they would take the cases of those
who did it intentionally. But, in such a case you would be asked for genuine reasons. In fact,
they have a complete investigation mechanism available for checking whether the taxpayer
involved was hiding his or her assets willfully or unwillingly.

No, you cannot. FBAR Filing is a process that is being managed and facilitated by a separate
entity called, FinCEN. You can have your FBAR filed online by using their website. Always
keep the criticality of this issue in mind and try to proceed under the supervision and cover of a
qualified attorney. Remember, FBAR Filing is one of the several possible arrangements for
which one can have his or her assets declared.

Yes! Noncompliance and negligence would not be tolerated. Strict penalties and fines are levied
against those who willfully kept their foreign accounts hidden. The IRS considers and counts
such activities as tax evasion. In some cases, bearer of undeclared financial accounts may lose
up to 50% of the total wealth he or she has stored in one or multiple such accounts. Want to have
it done safely? Dont waste your time anymore and contact Gordon Law Group. They are great
in dealing with this stuff.

FBAR Filing

Website
https://www.gordonlawltd.com/tax-law/fbar-filings/

Address
Address: 400 Central Ave, Suite 340, Northfield, IL
60093
Phone: 847-580-1279
Fax: 847-305-1202
Email: abg@gordonlawltd.com