Rhode Island FBAR Filing Services

U.S. persons generally must file an FBAR when they have a financial interest in, or signature authority over, foreign financial accounts and the aggregate value exceeds $10,000 at any time during the calendar year. The threshold applies to accounts collectively, not separately to each account. Exceptions may apply.

U.S. persons can include citizens, residents and domestic entities. Reporting can be required even if an account produces no taxable income. FinCEN Form 114 is filed electronically with FinCEN, separately from your income tax return.

We review foreign bank and brokerage accounts, qualifying retirement or other financial accounts, joint ownership and signature authority. We determine each reportable account’s maximum value and convert foreign-currency balances using the applicable reporting rules.

• Review of foreign bank, brokerage and financial accounts
• Aggregate maximum-balance calculations and currency conversion
• FinCEN Form 114 preparation and electronic filing
• Signature-authority and joint-account reporting review
• Review of missed or prior-year FBAR filings
• Coordination with FATCA and PFIC reporting

The FBAR is generally due April 15, with an automatic extension to October 15 and no separate extension request. Applicable disaster or other special relief should be reviewed for the filing period.

Failure to report can lead to civil penalties; willful violations can carry more severe civil and potential criminal consequences. Penalty amounts and inflation adjustments depend on the applicable period. We do not promise penalty-free outcomes.

Before submitting missed FBARs, we review prior returns, reported income, why filings were missed and any IRS contact. The appropriate correction path depends on the facts, including whether conduct was non-willful and whether you qualify for a particular procedure.

Delinquent FBAR submission procedures or streamlined filing compliance procedures may be relevant for eligible taxpayers. Relief is conditional, not automatic; additional tax returns, certifications, payments or specialist advice may be needed.