Services
FBAR / foreign accounts
If bank or investment accounts remain outside the U.S., we check whether separate FBAR / FinCEN reporting may be required.
Who this service is for
For clients who had financial accounts outside the United States during the year. FBAR is a separate reporting obligation and is reviewed separately from the income tax return, although foreign-account information can also matter elsewhere in a client’s tax reporting.
Common situations
- A personal bank account that remained in another country after moving to the U.S.
- A foreign brokerage or investment account.
- A joint account with a spouse or another owner.
- Several smaller foreign accounts that need to be reviewed together.
What to prepare
- A list of foreign banks, brokers, and other financial institutions.
- The type of each account and information about the owner or joint owners.
- The maximum value of each account during the year or records that allow it to be determined.
- Account numbers and financial-institution addresses when needed for the report.
What we review
We first build a complete inventory of the foreign accounts and review which accounts are relevant under the client’s facts. Then we organize the information needed for a separate FBAR filing.
Having a foreign account does not produce the same result for every client. Account type, ownership, values during the year, and the overall foreign-account picture all matter.
Helpful resources
What to prepare
A list of documents and supporting records for credits, dependents, mileage, expenses, and foreign items.
How it works
Four steps from initial contact to filing: we first understand the situation, then identify the documents, receive them securely, and review the result with you.
Documents are transmitted only through a secure method after the initial contact.
Common questions
Do foreign accounts need to be reported?
In some cases, yes. If you have bank or financial accounts outside the U.S., we separately check possible FBAR / FinCEN reporting.
Can we work together if I am outside the U.S.?
Yes. We work with clients in the U.S. and abroad when the client still has an obligation to file a U.S. individual tax return. In these situations, we separately review tax status, income sources, documents from another country, and possible reporting for foreign accounts or income.
Should I keep documents after filing?
Yes. Keep a copy of the return and supporting records for income, deductions, credits, children, business activity, foreign accounts, and IRS letters.
Why should SSN and tax documents not be sent by regular email?
SSN, W-2, 1099, ID, and tax documents contain sensitive data. These files should be transmitted through a secure method after the initial contact.
Contact
Describe what you have: W-2, 1099, Schedule C, income outside the U.S., foreign accounts, an IRS letter, or another question. We will then suggest the next step.