Description:

This book is for preparing 2021 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.

View Table of Contents.

Topics include:

• Identifying taxpayers who are required to file an FBAR
• Summarizing the FBAR filing requirements
• Penalties for failure to file a complete and correct FBAR
• Analyzing the compliance options for filing delinquent FBARs

Product Details:

Item Number: 21358

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 44 Pages

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