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Description:

This book is for preparing 2022 taxes. As more U.S. taxpayers own foreign financial accounts, the likelihood increases that they will have to disclose that account information to the Financial Crimes Enforcement Network (FinCEN) by filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Tax professionals can assist these taxpayers by preparing and electronically filing FBARs on their behalf using the BSA E-filing System. This textbook will help tax professionals determine which clients must file the FBAR, how to file and what to do to get their clients back on track when FBARs haven’t been filed. The FBAR typically has the same deadline as a Form 1040, which is usually April 15.

Topics include:

• Identifying taxpayers who are required to file an FBAR
• Summarizing the FBAR filing requirements
• Listing the penalties for failure to file a complete and correct FBAR
• Analyzing the compliance options for filing delinquent FBARs
• Recognizing the differences between FATCA reporting (Form 8938) and FBAR (FinCEN Form 114)

Product Details:

Item Number: 22358

Level: Basic

Authors: NATP Staff

Published: 2022

Format: Print - 52 pages

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