⭐How The IRS Audits Foreign BANK Accounts ✅[FBAR FILING]✅ (US Expats Taxes)

There are two types of FBAR violations for non-reporting offshore accounts: willful and non-willful and the IRS imposes very different penalties for each one. To put this into perspective:
1. A willfulness penalty is the greater of $100,000 OR 50% of the balance in the foreign account at the time of the violation.
2. A non-willful violation leads to a maximum penalty of $10,000.
What Am I Supposed to Do During an FBAR IRS Audit?
First off, the IRS is sending a clear message to the public. They are taking FBAR violations as serious and they will be using the case law as a tool during examinations.
Taxpayers who might want to convince the IRS revenue agent that their failure to report a foreign bank account was unwillful will face these judgments above head on.
1. The IRS agents will be fully cognizant of these court cases.
2. The IRS agents will rely on these judgments to support their position
Put differently, deniability in the form of ignorance of the FBAR obligation or insisting that you did not read or comprehend the tax return properly will in all probability not bring relief to anyone pinned in this position.
The key to turning these kinds of cases around is a clear understanding of what willfulness means in legal terms coupled with a clear understanding of what the government must produce to meet the required burden of proof.
Join our exclusive group: / 403837013106840
Or Mail us: [e-mail]
Website: fascpaconsulta...
Podcast: anchor.fm/fas-...

[@Fascpaconsultants]

Click on the link below to talk to an expert and have the tax plan for US expats that best suits your needs
👉 Tax Return
👉FBAR
👉Controlled Foreign Corporation Filing
👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇👇
fascpaconsultants.com/tax-planning-for-u-s-expats/
⭐Email Us [e-mail] and Get A Complimentary Tax Review Today⭐

[@lifeisgreen2592]

Thanks for the explanation. Such a question, I owned a foreign business profile where the bank created 21 different accounts for me to operate. In my case, I only used and had the actuall access to the 2 out of 21 accounts and the balance was always 0 on the rest 19 accounts. Do I need to report those 19 accounts?

[@Fascpaconsultants]

Hi, thanks for comments. You only need to report the 2 actives accounts if they over 10K at any time. Email us to help you file your FBAR, [e-mail] or book a 15 minutes free consultation in this link fascpaconsultants.zohobookings.com/#/customer/fascpaconsultantssbusiness

[@margaritaquezada3973]

Hi I have a foreign bank savings account that I opened in 2016 and the money that I have in that account is money I have send from the United States since it's money that I have worked in the U.S and also some is money from IRS refund should I report it to the IRS and fill out the FBAR? Will there be a problem?

[@Fascpaconsultants]

Hi Margarita, Yes, if it is balance over 10k. No worries about taxes.

[@margaritaquezada3973]

@@Fascpaconsultants so only report to FBAR not to the income tax ?

[@Fascpaconsultants]

@@margaritaquezada3973 Exactly, If the funds come from work in the US, that is taxed already and no need to be taxed again.

[@margaritaquezada3973]

@@Fascpaconsultants thank you for the response.

[@satishbutube]

If we are married filing jointly with single income and spouse doesn't have financial interest or signature authority > USD 10000 still we need add spouse foreign accounts when filing FBAR . Please clarify my question.

[@Fascpaconsultants]

Hi Satish, it is not necessary. Email us at [e-mail] and we will answer your questions.

[@sharmtechsolutions9914]

I got a question. I have a bank account and cd account in India with balance less than $10k combined. Do I have to report that account to IRS? Do I have to report interest earned on the accounts? Thanks.

[@Fascpaconsultants]

Hello, If accounts combined do not reach 10K there is no need to report to IRS, but, you have to report the income interest. Schedule a 15 minutes conference call for free in this link fascpaconsultants.zohobookings.com/#/customer/fascpaconsultantssbusiness or Email us at [e-mail] for more Info.

[@marclarsson7533]

What if the account did not have any income?

[@Fascpaconsultants]

Hi Marc, If no income but balance is 10K, need to report FBAR. Email us at [e-mail] and we will answer your questions.