Foreign Bank Account Reporting Services in Chicago, IL

Explore our comprehensive Foreign Bank Account Reporting services in Chicago, Illinois. At Lewis CPA, our specialized CPA team is dedicated to guiding individuals and businesses through FBAR compliance, offering tailored solutions to meet your needs and protect your financial interests.

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Who Needs to File an FBAR?

The FBAR filing requirement applies to U.S. persons – including citizens, residents, partnerships, corporations, trusts, and estates – with financial interests in or signature authority over foreign financial accounts. Here's a breakdown of who typically needs to file:

  • U.S. Citizens Living Abroad: If you're a U.S. citizen living abroad and the total value of your foreign financial accounts exceeds $10,000 at any point during the calendar year, you generally must file an FBAR.
  • U.S. Residents: This includes green card holders and individuals residing in the U.S. for tax purposes. The same filing threshold of $10,000 in aggregate value applies for any foreign financial accounts you hold.
  • Minors: If a minor (under 18) has a foreign account exceeding the $10,000 threshold, the parent or legal guardian is responsible for filing the FBAR.
  • Multiple Account Holders: The filing requirement applies if the combined value of all your foreign accounts exceeds $10,000, even if individual accounts are below the threshold.

Remember: Even if you don't owe any taxes on your foreign accounts, you may still need to file an FBAR. Here at Lewis CPA, our Chicago-based CPAs are well-versed in FBAR regulations and can help you determine your specific filing obligations. Don't hesitate to schedule a consultation to make sure you're in compliance.

Who Needs to File an FBAR?

Our Foreign Bank Account Reporting Services

Discover our specialized Foreign Bank Account Reporting Services, ensuring seamless compliance with IRS regulations. Based in Chicago, our team of certified public accountants offers comprehensive solutions tailored to your needs, safeguarding your financial interests with expertise and dedication.

FBAR Preparation and Filing

Trust our meticulous approach to FBAR preparation and filing. We ensure accuracy and compliance with IRS regulations, handling all aspects of the process efficiently. Let us navigate the complexities of reporting requirements and provide you with peace of mind as you fulfill your obligations seamlessly.

Risk Mitigation and Compliance Strategies

Mitigate the risk of FBAR non-compliance with our proactive strategies. Our experts assess your financial situation, offering tailored recommendations to minimize exposure to penalties and enforcement actions. With comprehensive compliance strategies, we safeguard your interests and ensure adherence to evolving IRS regulations.

IRS Audit Support

Gain confidence in facing IRS audits with our expert support. We guide you through the audit process, represent your interests effectively, and resolve issues efficiently. Trust our experienced team to navigate the complexities of IRS inquiries to help you achieve a favorable outcome and protect your financial well-being.

Continuing Compliance Monitoring

Stay ahead of evolving IRS regulations with our continuing compliance monitoring services. We provide ongoing assessment of your financial situation, adjusting reporting strategies as needed to ensure compliance. With our proactive approach, you can trust that your FBAR obligations are met consistently and accurately, avoiding potential penalties.

FATCA Compliance

Ensure compliance with Foreign Account Tax Compliance Act (FATCA) regulations with our specialized services. We help individuals and businesses navigate the complexities of Foreign Account Tax Compliance Act (FATCA) reporting, providing tailored solutions to meet regulatory requirements. Trust our expertise to safeguard your interests and ensure adherence to FATCA obligations.

Ensure Compliance, Protect Your Assets. Contact Us Now!

Take the first step towards seamless compliance and safeguard your financial future today. Contact us at Lewis CPA to streamline your Foreign Bank Account Reporting needs in Chicago.

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Why Choose Us for FBAR Reporting?

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Streamlined FBAR Filing

Simplify your FBAR reporting process with our efficient and hassle-free solutions.
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Minimize Tax Risks

Mitigate potential tax liabilities and penalties with our expert guidance and proactive strategies.
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Personalized Client Service

Experience tailored support and individualized attention from our dedicated team of professionals.
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Peace of Mind

Rest easy knowing your FBAR compliance is in capable hands so you can focus on what matters most.

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Professional, expert services from people who care about their clients.
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I recently started a new business; Sue Lewis and her staff were incredibly helpful through every step of the process. I would highly recommend Susan S. Lewis, Ltd.
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Ready to Start?

Ready to streamline your FBAR filing process and ensure compliance? Reach out to our dedicated team today for personalized assistance and peace of mind. Contact us using the form below.

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  • What is the deadline for filing FBAR?

    The deadline for filing FBAR (Foreign Bank Account Reporting) is April 15th of the following calendar year. However, if you need more time, an automatic extension until October 15th is available upon request.

  • What is the penalty for not filing FBAR?

    The penalties for not filing an FBAR can be significant and depend on whether the failure to file was willful or non-willful. Here's a breakdown:

    • Willful Failure to File: This carries the harshest penalties. You could face a civil penalty of up to the greater of *$100,00 or 50% of the account balance at the time of the violation. Additionally, criminal penalties can be imposed, including a fine of up to $250,000 and imprisonment for up to 5 years.
    • Non-Willful Failure to File: The maximum civil penalty for a non-willful violation is $12,500 per violation. However, there’s a potential for penalty relief if you can demonstrate you weren't aware of the filing requirement or if you made a reasonable effort to comply.
  • Are joint accounts and signatory authority included in FBAR reporting?

    Yes, joint accounts and accounts where an individual has signature authority but not necessarily ownership must be reported on an FBAR if they meet the reporting threshold.

  • Do I need to report foreign retirement accounts on FBAR?

    Yes, foreign retirement accounts, such as foreign pensions and retirement savings plans, generally need to be reported on an FBAR if their aggregate value exceeds $10,000 at any time during the calendar year.

  • Can I amend an FBAR after filing?

    Yes, you can amend an FBAR after filing to correct errors or provide additional information. Use FinCEN Form 114, and make sure to indicate that it's an amended report.

  • What qualifies as a reportable foreign financial account?

    Reportable foreign financial accounts include various types of accounts held outside the United States, such as bank accounts, investment accounts, mutual funds, and certain types of offshore assets. Any account in which the individual has a financial interest or signature authority may qualify.