FinCEN revises beneficial ownership information reporting requirement
FinCEN issued a final rule revising BOI reporting. Business owners should confirm whether their entities still have a filing obligation.
Source: Federal Register

International tax · FinCEN Form 114
If the combined balance of your foreign accounts exceeded $10,000 at any time during the year, you generally must file an FBAR. We prepare current FBARs, review prior years, and choose the safest way to come into compliance.
Serving United States, Virginia, Washington, DC, Maryland.
What we handle
A US person, including citizens, green card holders and most residents on visas, must file FinCEN Form 114 if the aggregate maximum value of foreign financial accounts exceeded $10,000 at any time in the calendar year. Bank accounts, NRE and NRO accounts, fixed deposits, brokerage accounts, mutual funds, some pension and insurance accounts, and accounts you only have signature authority over can all count.
The FBAR is filed electronically with FinCEN, separately from the tax return. It is due April 15, with an automatic extension to October 15. Foreign income from these accounts must also be reported on the tax return, and larger balances may require Form 8938 as well.
Speak with an advisorWhere we help
The Supreme Court held that the non-willful FBAR penalty applies per report, not per account, which sharply limits non-willful penalties.
A couple's failure to report Swiss accounts was found willful, including reckless disregard, and penalties up to 50% of the balance were upheld.
Willful violations can cost the greater of an inflation-adjusted amount or 50% of the account balance per year.
Voluntary compliance programs are far cheaper than penalties assessed after contact.
Our approach
A senior advisor reviews your facts and documents.
Scope, fees and timeline in an engagement letter.
Returns, elections and forms prepared and reviewed.
IRS contact and planning all year.
Questions
If your question isn't here, call (703) 880-8412 and you'll reach a person.
Yes, if the combined maximum value of all your foreign accounts exceeded $10,000 at any point in the year. NRE accounts count even though interest on them is tax-free in India; that interest is taxable in the US.
If all income was reported, the delinquent FBAR procedures may let you file late with no penalty. If income was missed, the Streamlined procedures are often the best path. Which one fits depends on your facts.
No. It is filed electronically with FinCEN. Your tax return separately asks whether you have foreign accounts.
Use the maximum value during the year, converted at the Treasury year-end exchange rate.
Latest updates
FinCEN issued a final rule revising BOI reporting. Business owners should confirm whether their entities still have a filing obligation.
Source: Federal Register
The IRS took down the page that described penalty relief for late FBARs when all income had been reported. Get advice on reasonable cause or the Streamlined procedures before filing late FBARs.
Source: EY Tax News
Related
Streamlined Domestic Offshore Procedures (SDOP), Streamlined Foreign Offshore Procedures, late FBAR and international information return filings, and voluntary disclosure support for foreign accounts and assets.
Learn moreHeadquartersAddress, local tax issues and the full range of services in Northern Virginia.
Learn moreForm 8938 under FATCA (IRC 6038D): who must file, filing thresholds for residents and expats, how it differs from the FBAR, penalties and the extended statute of limitations.
Learn moreInternational taxForm 5471 for US owners, officers and directors of foreign corporations, including Indian private limited companies: filing categories, Subpart F and section 951A income, section 962 elections, penalties and Farhy.
Learn moreInternational taxForm 8865 for US persons with interests in foreign partnerships and LLPs: filing categories, contributions and transfers, penalties and how to fix missed years.
Learn moreInternational taxForm 3520 for gifts and inheritances from parents and relatives abroad, foreign trust distributions and Form 3520-A: thresholds, deadlines, penalties and how to file late.
Learn moreInternational taxUS tax returns for Americans and green card holders living abroad: the foreign earned income exclusion, foreign tax credit, FBAR and Form 8938, state residency and the Streamlined Foreign Offshore Procedures.
Learn moreNRIsStreamlined Domestic and Foreign Offshore Procedures for NRIs and expats with unreported Indian or other foreign accounts: NRE/NRO accounts, fixed deposits, mutual funds (PFIC), FBAR and Form 8938.
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