FBAR Service

At GPL, we are experts in dealing with FBAR issues. We are a tax preparation and accounting firm based in the United States, with an international scope. We file hundreds of FBARs every tax season and understand the process inside and out. Our team also takes pride in remaining current on the changing rules and requirements for participation in the Offshore Voluntary Disclosure Program (OVDP), so you can be certain that when you’re working with GPL, you will be working with experienced tax specialists using the most up-to-date information.

We will:

  • Finalize and submit your FBAR forms and the appropriate tax return forms.
  • Maintain your information so tax forms are filed correctly and on time—even if the return is filed months after the FBAR.
  • Help you with the IRS and Treasury Department’s FBAR amnesty initiative if you haven’t filed the FBAR properly in years past. Our team remains current on the changing rules for the OVDP, and they understand the new Streamlined program that came into effect in July of 2014.

Question: I don’t have all the information on my foreign accounts, but I filed an extension with the IRS. Can I fie my FBAR in October?

Answer: The granting, by IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR (TD F 90-22.1). There is no extension available for filing the FBAR. If you don’t have all the information on your foreign accounts by June 30th, you should file as complete an FBAR as possible and amend the document when the information is available.

 

More FAQs

Why GPL?

Several of GPL’s team members have first-hand knowledge of the challenges surrounding FBAR filings. We want to use that experience and knowledge to help others through the process as smoothly as possible. We also stand at the center of an eco-system of knowledge, so we can serve as your gateway to skilled attorneys if you are already facing IRS or Treasury Department action due to undisclosed foreign bank accounts.

Contact GPL today and discuss your FBAR and tax situation with our expert, Shahar Plinner. Even if you have been non-compliant in the past, you don’t want to delay any further, as a new Streamlined OVDP (Overseas Voluntary Disclosure Program) is currently in effect.

 

Our Team

About Us

GPL Tax & Accounting is here to handle your personal and business tax preparation and planning needs. We can also handle your bookkeeping and accounting requirements. GPL provides all the tools and know-how you need to be in the best tax position while staying compliant with all tax regulations.

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FAQs

What is an FBAR?
An FBAR is a Report of Foreign Bank and Financial Account. The form number is TD F 90-22.1.

Who must file an FBAR?
Any United States person who has a financial interest in or signature authority, or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.

 

 

What is “silent disclosure”?

A process by which taxpayers attempt to bypass the fines associated with the IRS OVDP and amnesty programs by filing amended tax return that report income from foreign bank accounts that had previously gone undeclared. Silent disclosure does not protect taxpayers from possible criminal prosecution for not disclosing foreign bank accounts.

When is the FBAR due?
The FBAR is due by June 30th of the year following the year that the account holder meets the $10,000 threshold.

Does more than one form need to be filed for a husband and wife owning a joint account?
No, if the names and social security numbers of the joint owners are fully disclosed on the filed FBAR. This practice only applies to joint owners who are husband and wife and who reside at the same address. Other joint owners must file separate FBARs

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12220 113th AVE NE
Suite #100
Kirkland, WA 98034

Tel. (425) 502 9465
Fax. (425) 449 8712

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