Are You Worried About FBAR Penalties? Consult Mathews CPA Inc, Austin, TX.
We can help you.
If you have foreign bank accounts or other foreign financial accounts and you have not reported the account information and/or income to the United States, you should worry about FBAR penalties.
What is an FBAR?
An FBAR is a Report of Foreign Bank and Financial Account Form aka FinCEN 114 (Financial Crimes Enforcement).
Do you need to file FBAR?
An FBAR must be filed by any U.S. person (a United States Citizen, Legal Permanent Resident/Green Card Holder or U.S. Visa Holder who meets the Substantial Presence Test).
The person must file an annual FBAR statement for each year in which the person has an annual aggregate total of more than $10,000 in foreign accounts.
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