We get a lot of inquiries at Safe Harbor LLP, usually for a “CPA for this” and a “CPA for that.” For example, people will Google “CPA for small business in San Francisco,” or “CPA for architects,” and ask if we do that. Generally the answer is: YES. For most small businesses and high income individuals, our team is skilled and diverse enough to handle most any job. So if you are looking for a “CPA for” (fill in the blank), give us a call or email. We can discuss your specialized needs.
FBAR: Report of Foreign Bank and Financial Accounts
But back to FBAR. FBAR is one of our growing areas of expertise. For those who don’t know, FBAR stands for Report of Foreign Bank and Financial Accounts) and is an official IRS regulatory system governing those who have foreign accounts. According to the informational IRS website:
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing electronically a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). (http://1.usa.gov/1p4Jiu3).
Now, as so often happens in life – especially tax life – people either do not realize that there is a disclosure and filing requirement, or they have an “out of site” / “out of mind” attitude. Until they get a nasty notification from the IRS or they read about the very severe penalties for not filing FBAR correctly. Yikes! That’s when they start Googling things like “CPA’s who specialize in FBAR” or “FBAR CPA firm San Francisco.”
Yes, we can help. Yes, we have expertise in FBAR
FBAR compliance is not necessarily easy – but it is a fact of tax life, especially if you have foreign assets or financial interests. So if you are looking for a “CPA for Revised FBAR Delinquent Filings” – give us a try. Call or email with your question and we can set up a preliminary meeting to discuss whether we can help lift that threatening cloud from your head.