Foreign accounts

FBAR and foreign account reporting

If your accounts outside the US added together came to more than $10,000 at any point in the year, they have to be reported to FinCEN on Form 114. Missed years are usually fixable without penalties. Here is which of our firms handles your situation.

You need to file, and want it done right

Libre Tax Service

Current-year FBAR filing and the full guide for individuals and NRI families with savings, NRE and NRO accounts, deposits, PPF, EPF, mutual funds or LIC policies abroad.

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You already have a problem

Libre Tax Resolution

Missed years, or a notice about foreign accounts. Streamlined Filing Compliance Procedures, Delinquent FBAR Submission and reasonable-cause penalty relief, with IRS representation.

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You run a business

Libre Professional Services

Signature authority over company accounts abroad, foreign-owned LLCs and Form 5472, plus the bookkeeping that keeps the reporting continuous instead of an annual scramble.

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The basics, briefly

Who files: any US person, including visa holders who are US tax residents, whose foreign accounts total more than $10,000 at any moment in the year.
What counts: ordinary bank accounts, deposits, retirement and provident funds, mutual funds, brokerage accounts and cash-value insurance policies. Accounts you merely control count too.
Where and when: FinCEN Form 114, filed online through the BSA E-Filing System, separately from your tax return. Due April 15, with an automatic extension to October 15.
If you missed years: established programs let non-willful filers get compliant, frequently with no penalty, but they are only available while you come forward before the IRS contacts you.

General information, not tax or legal advice, and no client relationship is created. Penalty amounts are inflation-adjusted annually.

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