Foreign Bank Account Reporting (FBAR)

If you are a U.S. person with foreign bank accounts or other financial assets overseas, you may be required by law to report them to the U.S. Treasury Department each year. Failure to comply can result in severe civil and even criminal penalties.

At Dallas Tax Hub, we help individuals and businesses in Lewisville, Texas understand their FBAR obligations and file accurately, on time, and in full compliance with U.S. laws.

What is FBAR?

FBAR stands for Foreign Bank Account Report and is officially known as FinCEN Form 114. It is required under the Bank Secrecy Act (BSA) to help prevent tax evasion and money laundering.

Who Must File FBAR?
You must file an FBAR if:

• You are a U.S. person (citizen, resident, or certain entities, including corporations, partnerships, and LLCs).

• You have a financial interest in or signature authority over one or more foreign accounts.

• The total combined value of all foreign accounts exceeded $10,000 USD at any time during the calendar year.

FBAR Filing Requirements

• Form: FinCEN Form 114 (filed electronically via the BSA E-Filing System).

• Deadline: April 15 each year (with an automatic extension to October 15).

• Accounts Covered: Bank accounts, securities accounts, mutual funds, and certain other financial assets held outside the United States.

Our FBAR Services Include:

1. Eligibility & Obligation Review

   • Determining if you meet the filing threshold and what accounts need to be reported.

2. Data Collection & Valuation

   • Gathering account statements and converting balances to USD using the correct Treasury exchange rates.

3. FBAR Form Preparation & Filing

   • Completing and submitting FinCEN Form 114 accurately and on time.

4. Amended & Late FBAR Filings

   • Assisting with delinquent FBAR submissions and penalty mitigation.

5. Coordination with Tax Returns

   • Ensuring FBAR filings align with your IRS Form 8938 (FATCA) and other foreign asset reporting requirements.

6. Penalty & Audit Support

   • Representing you in case of a Treasury Department or IRS inquiry.

FBAR Penalties for Non-Compliance

• Non-Willful Violation: Up to $10,000 per violation.

• Willful Violation: The greater of $100,000 or 50% of the account balance per violation.

• Criminal Penalties: In extreme cases, fines and imprisonment.

The penalties are severe, but proper, timely filing eliminates the risk.

Why USA Clients Trust Dallas Tax Hub for FBAR Filing

✅ Expert Knowledge of U.S. International Reporting Laws
✅ Penalty Avoidance Through Accurate, Timely Filings
✅ Complete Confidentiality for sensitive financial information
✅ Integration with Your Full Tax Picture for IRS consistency