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Report of Foreign Bank and
Financial Accounts (FBAR) Zaher
Fallahi, Certified Public Accountant (CPA) and Attorney At Law, is a CPA and Law
firm with emphasis on US tax, tax controversy, un-disclosed offshore accounts, international
tax, foreign gifts, and Office of Foreign Assets Control (OFAC) Regulations. We
are licensed in California and Washington D. C., and represent tax and OFAC
clients throughout the United States and overseas. Depending on the case, telephone
appointments are available for long-distance clients. Harvard Law
School
Zaher Fallahi
has completed “Negotiation and Leadership” and “Leveraging the Power of
Emotions as You Negotiate” Certificate Programs at Harvard Law School.
According to
the Bank Secrecy Act (BSA), the Report of Foreign Bank & Financial
Accounts ( “FBAR”) was created in an effort to prevent tax evasion, money
laundering and other financial fraud. Any United States person who has a
financial interest in or signature authority or other authority over any
financial account in a foreign country, with an aggregate value of in
excess of $10,000 at any time during the calendar year, is required to report
such information to the US Treasury by no later than April 15 of the
following year (2016 new law), with an automatic 6-montn extension.
United States
person includes a citizen, resident of the United States, a domestic
partnership, a domestic corporation, a domestic estate or trust and certain
visa holders. If a filer does not have all the necessary information to
prepare the report completely by the due date, including extension, they are
advised to file their FBAR (new FinCEN Form 114) as complete as possible and amend
them when additional necessary information becomes available. FBAR
Look-back period
The US authorities
have indicated that once they receive disclosure from a foreign financial
institution with respect to its US account holders, they will review all
accounts back to August 1, 2008, including the closed accounts. Therefore,
closing an account in a foreign financial institution and transferring it to
another one or to another country may not be a proper remedy for FATCA or
FBAR.
Zaher Fallahi, Certified Public Accountant (CPA), Esq., is an Orange County Tax CPA, Los Angeles Tax CPA, Tax Attorney,
and advises individuals and small businesses with undisclosed Foreign Bank Accounts (OVDP, FBAR and FATCA); OVDP
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