Due to new regulations of the Bank Secrecy Act, U.S. entities with any influence over a financial account located outside of the United States with a balance exceeding $10,000 will be required to report annually with the U.S. Treasury Department by filing form TD F 90-22.1 (FBAR).
The FBAR reporting requirement includes all U.S. LLCs--single member LLCs and multi member LLCs--even if they may be considered “Disregarded Entities” regarding tax matters.
There are no exceptions for entities owned by non U.S. nationals. LLCs with foreign owners exclusively are now required to file the FBAR. Although the U.S. Treasury has no jurisdiction over the foreign owners as private citizens of another country, acting in their own country, it can require the entity, which is a U.S. citizen for FBAR purposes, to file the form, and it clearly does this. There is also no exception for income source. Whether the income was earned outside the U.S. or transferred from the U.S. to the foreign account is not relevant with regard to the responsibility to file the FBAR.
All companies are required to file the report on or before June 30, 2012 for financial accounts active in 2011. Entities filing the FBAR will have to have a U.S. EIN (Employers ID Number).
We can assist with the filing of the FBAR report. If you would like our assistance in properly completing and filing these documents for you we 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 from you by June 1st, for each company.
The cost for this service between now and June 1st will be $230 per company. 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 proper place for filing.
As mentioned above, a US tax ID number (EIN) is required for this filing. If a number has not yet been obtained for your company, we can get one for you for just $95.
If you would like us to assist with the FBAR and/or EIN filing, please contact us at firstname.lastname@example.org. Or you may call our IRS specialist Nadine Jordan at 302-645-7400, Extension 6129.