$10k+
Reporting Threshold
The US government has built a global reporting network to find offshore assets held by US citizens and residents. Through the Foreign Account Tax Compliance Act (FATCA) and the Foreign Bank Account Report (FBAR), the IRS and FinCEN receive data directly from over 300,000 foreign financial institutions.
Failing to report a foreign account is one of the riskiest omissions in the US tax system. Civil penalties can exceed the balance of the account itself. We identify every reportable account and asset, value it correctly, and report your full international position accurately.
How we deliver this service.
A rigorous, phase-driven process ensures nothing is missed and every position is defensible.
Global Account Discovery
We review all foreign bank accounts, brokerage accounts, life insurance, and pensions and identify what has to be reported.
Maximum Balance Verification
We verify the maximum balance (in local currency) for every account during the calendar year, working from the bank statements themselves.
Currency Conversion
We apply the Treasury Department's end-of-year exchange rates to work out US dollar equivalents for threshold testing.
Threshold Audit
We test your balances against the FBAR ($10,000) and FATCA ($50,000+) thresholds to determine which forms you need to file.
Technical Preparation
We prepare FinCEN Form 114 and IRS Form 8938, reconciling them with your individual or business tax return positions.
Electronic Submission
We e-file all FBARs directly to the BSA E-Filing System and give you the confirmation of receipt.
FBAR Compliance
The $10,000 threshold is global, not per account.
The FBAR requirement kicks in when the *aggregate* value of all your foreign accounts exceeds $10,000 at any point in the year. That includes accounts where you only have signing authority, even if the money isn't yours. The accounts people most often miss: foreign pensions, joint accounts with non-US family members, and business accounts.
Penalties for non-willful FBAR violations start at $10,000 per violation. Willful violations can reach 50% of the account balance. We document every account thoroughly so nothing is missed and automated IRS penalty assessments have nothing to catch.
FinCEN focus: FinCEN Form 114, signing authority reporting, foreign pension assets, and maximum balance forensic reconciliation.
Tailored for every client profile.
FATCA Strategy
Form 8938 covers more than the FBAR.
The FBAR goes to the Treasury; Form 8938 is part of your IRS tax return. It covers a broader set of assets, including private company interests, foreign partnership interests, and certain foreign trusts. Its thresholds are higher and depend on whether you live in the US or abroad.
Missing a Form 8938 costs $10,000 in penalties and keeps the statute of limitations open indefinitely for your entire tax return. We keep your Form 8938 and FBAR consistent with each other, because a mismatch between the two is exactly the kind of red flag that triggers an international audit.
IRS focus: Section 6038D compliance, specified foreign financial assets, and individual vs. business filing thresholds.
Asset Discovery
Matching your records to what the banks report.
The IRS receives data from foreign banks through the Common Reporting Standard (CRS) and FATCA Intergovernmental Agreements (IGAs). If a foreign bank reports an account in your name that doesn't appear on your US filing, an audit is almost certain. So we match your foreign records to your US disclosures before the IRS does.
An inherited account in Switzerland, a business account in London, a pension in Sydney: whatever the asset, we build the documentation to explain every balance movement and closure.
Global focus: CRS and IGA transparency monitoring, foreign bank notice resolution, and voluntary disclosure modeling.
Are your foreign accounts fully reported?
Offshore reporting errors carry some of the harshest penalties in the tax code. Get your international filings right before the IRS asks.
Specific deliverables, precisely documented.
“The days of quiet offshore accounts are over. We report your international assets accurately, completely, and on time.”
Technical clarifications.
Answers to the most frequently asked questions about how this service works in practice.
No. The threshold is the *aggregate* (total) value of ALL your foreign accounts. If you have ten accounts with $1,100 each, you must report all ten.
You are still required to file an FBAR if the balance exceeded $10,000. This is common for family members holding power of attorney or employees on foreign corporate accounts.
A missed filing creates real exposure, but doing nothing is worse. We help taxpayers catch up through 'Streamlined' or 'Delinquent' procedures, which can often eliminate penalties.
Yes. Most foreign retirement accounts (SIPPs, RRSPs, etc.) are considered specified foreign financial assets and must be reported on both FBAR and Form 8938.
Under FATCA, foreign banks must report accounts held by US persons directly to the IRS. The IRS cross-references that data against your personal filings to find omissions.
Related services.
Two Tax Systems, One Team
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