Declaring Foreign Bank Accounts

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If you have a foreign bank account, it would be in your best interest to receive guidance and counseling from the Experienced Tax Experts (consisting of a former IRS Tax Attorney, Retired IRS Auditor, and an Experienced Tax Accountant. We Assign an ENTIRE TEAM of Experts to achieve the best results on EVERY case) at Leading Tax Group.
This is a time that can be quite confusing, and you may not know where to turn or what to do as you file your taxes. Our team is here to help you and walk you through the process of declaring foreign bank accounts if you are in CA. Call our office now.

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If you are worried that you may have an offshore account that you did not claim or investments that are overseas, call Leading Tax Group today. Our tax professionals in CA are experienced in offshore foreign bank accounts and FBAR audits. We will represent you to the fullest and ensure that you are always in compliance. Call our office today – we are here to help you every step of the way.

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Experienced Foreign Bank Accounts
Professionals in CA

US taxpayers need to make sure that they work with an Experienced Tax Experts (consisting of a former IRS Tax Attorney, Retired IRS Auditor, and an Experienced Tax Accountant. We Assign an ENTIRE TEAM of Experts to achieve the best results on EVERY case) before they declare their offshore bank account. Individuals who live in the US and have financials offshore are able to report their income and assets under the FBAR (Foreign Bank and Financial Accounts) or FATCA (Foreign Account and Tax Compliance Act).

If you fail to disclose this information, you may find that sanctions are placed on you and you face some hefty penalties. Whether you are worried about fines or you think you may have made a misstep, it is time for you to secure representation that will stand up for you.

Penalties for Offshore Noncompliance in CA

If you are required to file an FBAR, but you do not, then you can face some hefty penalties and fines under offshore noncompliance in CA. Some taxpayers will even face prison time. If you were to undergo an FBAR audit and the auditor discovered that you failed to report income or assets, then you could face a fine for up to $10,000 for every year you did not report the financials – whether or not it was intentional or an accidental oversight.

If the auditor determines that you willfully did not disclose the information, then you will receive a large number of penalties and they can add up quickly. It is important that you speak with an educated and experienced tax professionals in CA who has experience in FBAR audits. Our team is able to walk you through the process and work with the IRS and you to come to an agreement

If you hold an offshore account, you want to make sure that you are in compliance and that you do not hide the account. While it may be tempting, you will find that the consequences far outweigh the disclosure. If you have been accused of not declaring offshore bank accounts and investments, you may be on the IRS watchlist and you may face an upcoming audit.

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Frequently Asked Questions

Headquartered in Encino, California with multiple local branch offices in your backyard to serve you at your convenience. Leading Tax Group can schedule a face to face consultation to represent your case with the IRS, FTB, EDD, as well as CDTFA Audits.

The Bank Secrecy Act requires you to report certain foreign bank accounts to the Treasury Department. If you are a US citizen with a foreign account balance of $10,000 or more, you need to report it. The IRS and the Treasury Department have a very rigid process for declaring overseas assets

Even though they cannot “see” it, they can find out about it eventually. If you did not report the foreign bank accounts and you have a total balance of $10,000 or more, it would be best to consult Leading Tax Group before the IRS discovers the unreported asset.

Some foreign bank accounts can be reported using IRS Form 3520. Also, you can file a Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114. If you need help with this, get in touch with our tax experts.

There is no limit imposed by the IRS. Only your bank can impose a limit on the amount of money you can have in your account. However, you must report the foreign bank accounts to the IRS if the total balance is over $10,000.

You should include all of the following accounts in a FBAR: checking, savings, securities, brokerage, and deposit. However, you are free to report any kind of account you hold with a financial institution overseas.

You are not required to disclose information about your foreign bank accounts if the total balance (across all accounts, not each individual account) is less than $10,000. If the total balance equals or exceeds $10,000, you are required to report the accounts.

The Aggregate value is the total value of all of your accounts. If you have 5 accounts and their total value is above $10,000, you need to declare all of them – even when all of them have a balance of less than $10,000.

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