The FBAR Filing Is Approaching!

By Amy Fountain Tuesday, June 11, 2013

The deadline for the FBAR filing is rapidly approaching! We can assist with the filing of the FBAR report. If you would like our assistance in properly completing and filing these documents, you must get started right away since a great deal of information and original signatures must be obtained for both the SS-4 and the TD F 90-22. In order to file the reports in a timely manner, we must receive all the necessary information and payment for each company from you by June 14th.

Who Must File an FBAR

United States persons are required to file an FBAR if:

- The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and

- The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.

United States person means United States citizens; United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

Financial Accounts

All foreign financial accounts with a balance of $10,000 or more at any time during the calendar year must be reported. A financial account includes, but is not limited to, a securities, brokerage, savings, demand, checking, deposit, time deposit, or other account maintained with a financial institution (or other person performing the services of a financial institution). A financial account also includes a commodity futures or options account, an insurance policy with a cash value (such as a whole life insurance policy), an annuity policy with a cash value, and shares in a mutual fund or similar pooled fund (i.e., a fund that is available to the general public with a regular net asset value determination and regular redemptions)”.

You are exempt from filing the FBAR if your financial account had a balance throughout the year (2012) of less than $10,000 USD, and the amount in the account never exceeded $9,999 USD.

Our Service

In order to file the reports in a timely manner, we must receive all the necessary information and payment from you for each company by June 14th. The cost for this service between now and June 14th will be $230 per company per tax year. We will email the form to you for completion. You may then email the form back to us for a review by a filing specialist. We will then confirm if the form is fully completed by email and ask you to courier or mail the original form to us for filing. An original must be sent. Once received, we will UPS the documents to the IRS for filing.

A US tax id number (EIN) is required for this filing. If a number has not yet been obtained for your company, for just $325 we can obtain your tax id number and submit the FBAR filing to the IRS.

If you would like us to assist with the FBAR and/or EIN filing, please contact us at Or you may call our IRS specialist Nadine Jordan at 302-645-7400,  Ext 6129.

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