You must file an FBAR (Foreign Bank and Financial Accounts Report) if your foreign accounts exceed $10,000 at any time during the calendar year. This requirement applies to all U.S. citizens and residents, regardless of where you live or work. The FBAR is filed separately from your tax return through the Bank Secrecy Act e-filing system operated by FinCEN.
You must report all foreign financial accounts where you have an interest or signature authority, including:
Missing this filing deadline can trigger penalties ranging from $10,000 to $100,000 per violation—even if the accounts contained legitimate funds. Our Dearborn tax attorneys help you understand your filing obligations and correct past non-compliance before penalties escalate.
Our Dearborn FBAR attorneys provide comprehensive foreign account compliance services:
FBAR Compliance Review: We analyze your foreign accounts to determine exact filing requirements. We've helped hundreds of Dearborn residents with accounts in over 50 countries ensure complete, accurate reporting that satisfies IRS requirements.
Delinquent FBAR Filing: If you missed filing deadlines, we help you catch up through streamlined procedures or delinquent FBAR submissions. We've successfully filed years of late FBARs while minimizing or eliminating penalties through reasonable cause arguments and voluntary disclosure programs.
FBAR Penalty Defense: Facing FBAR penalties? We negotiate with the IRS to reduce or eliminate penalties. Our attorneys have reduced FBAR penalties by millions of dollars for clients throughout Michigan.
Voluntary Disclosure Programs: For situations involving willful non-compliance or potential criminal exposure, we guide you through the IRS Voluntary Disclosure Program. This allows you to come forward before the IRS finds you, potentially avoiding criminal prosecution and reducing civil penalties.
FBAR Audit Defense: When the IRS questions your foreign financial account reporting, we provide robust representation. We handle all communications with tax authorities so you never face them alone, and we work to achieve the most favorable resolution possible.
"I didn't know I needed to report my foreign accounts."
Many FBAR filing requirements catch taxpayers by surprise. We help first-generation Americans and Dearborn residents with ties abroad demonstrate reasonable cause to reduce or eliminate penalties. The IRS recognizes that taxpayers maintaining modest accounts in their birth countries may not have understood their reporting obligations.
"I inherited foreign assets and don't know what to do."
Inheriting foreign financial accounts creates immediate FBAR reporting obligations. We guide you through proper disclosure and help you file all required FBARs through delinquent submission procedures or streamlined filing programs to minimize penalty exposure.
"My foreign pension plan is part of my retirement planning. Is it reportable?"
Most foreign pension and retirement plans require FBAR reporting. We help you understand your obligations and explore favorable tax treaty provisions. For Canadian pensions (common for Dearborn-Windsor commuters), we leverage the U.S.-Canada tax treaty to minimize both reporting burdens and tax liability.
"I have signature authority over business accounts abroad but no personal benefit."
Even without financial interest, signature authority triggers FBAR filing requirements. We help corporate officers, nonprofit board members, and business owners meet these obligations while protecting their professional standing.
"I'm concerned about privacy when reporting my foreign accounts."
We understand privacy concerns, especially for clients with accounts in countries with political instability. The BSA E-Filing system provides secure transmission of your information, and we help you comply with reporting requirements while minimizing unnecessary disclosure of sensitive details.
FBAR violations can result in penalties exceeding $100,000 and IRS criminal investigations. If you have unreported foreign accounts or missed FBAR filing deadlines, the longer you wait, the more limited your options become.
Get experienced legal guidance for your foreign account reporting:
Contact our Dearborn FBAR attorneys at (248) 262-3400 for a free case review.
