The Peck Group, LC
  • Comprehensive Tax Law Representation Since 1995

    We handle every aspect of tax law: preparing tax returns, representing clients during audits, resolving IRS and state tax controversies, and creating tax planning strategies for the future.

  • Problems With The IRS Or State Tax

    Our attorneys are committed to providing efficient and effective tax solutions for individuals and businesses in Georgia and nationwide.

  • Planning For The Future

    Our lawyers help individuals and businesses with all aspects of estate and tax planning. We help our clients use proactive strategies to minimize tax implications in the future

  • Changing The Balance Of Power

    Does it feel like the government has all the power? Taxpayers have rights, too. We use our knowledge of tax law to shift the balance of power and ensure that your rights are protected.

  • Tax Solutions … And Peace Of Mind

What is an FBAR and who needs to file one?

Do you have assets in foreign accounts? If yes, the United States requires you to include filings with the IRS disclosing your foreign interests.

One form most people with overseas accounts need to file is the Foreign Bank Account Report (FBAR). While the purpose may be simple and straightforward, it is important not to discount or overlook the FBAR when filing your taxes.

What is the FBAR?

The FBAR is paperwork filed with the Financial Crimes Enforcement Network, which is part of the U.S. Department of the Treasury. Its purpose is to report foreign financial interests, and as with other tax documents it’s subject to specific filing requirements and deadlines.

The form is straightforward, but it is imperative you fill it out correctly to avoid civil, or possibly criminal, penalties for errors or omissions.

Who needs to file the FBAR?

There are two primary criteria for determining if you are required to file an FBAR:

1.You are a United States citizen with a financial interest in, or signature authority over, one or more foreign financial accounts.

2.The value of your foreign accounts exceeded $10,000 at any point during the year.

There are some exceptions to these rules. For example, some foreign accounts held jointly with a spouse may be exempt. However, it is best to consult an attorney with questions, as errors or omissions can open you to criminal liability and/or substantial civil penalties.

If you have any foreign interests, it’s valuable to explore whether you need to file an FBAR and seek guidance when necessary.

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The Peck Group, LC
5855 Sandy Springs Circle N.E., Suite 190
Atlanta, GA 30328

Phone: 770-884-6914
Fax: 770-933-2369
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