Tax Resolution Services
If you have income or assets in foreign banks or live overseas, the tax experts at Direct Tax Relief can help you file an FBAR so you can avoid tax evasion.
If you’re a U.S. citizen living abroad, or you have foreign income, assets or interests, you’ll likely submit a Foreign Bank Account Report (FBAR). But if the combined balance of all your foreign accounts is more than $10,000 at any point during the calendar year, an FBAR must be filed or you can face heavy penalties. Generally, FBAR’s report on foreign bank account balances, but you may also have to report:
With DTR’s Help
Necessary for those with assets and money in foreign banks
Excellent option for expats
Avoid tax evasion
Prevents employer being notified about your tax debt
If you owe tax debt, an Offer In Compromise can help you settle it for less. DTR has the expert negotiation skills needed to get your tax debt reduced as much as legally allowed.
If you’re a business owner who fails to file or pay payroll taxes, Direct Tax Relief will negotiate with the IRS to reach a resolution and protect your business from shutting down.
Direct Tax Relief negotiates with the IRS to have these difficult penalties removed from your account, getting you out of debt and back to freedom, based on reasonable cause.
Working with you from the first step of tax debt resolution, Direct Tax Relief has tax accountants to prepare your unfiled tax returns, whether it's an individual return or complex corporation returns.
At Direct Tax Relief, we'll negotiate with the IRS to create an easy, affordable payment plan that gets you in compliance, and works with what you can afford, preventing future IRS wage and bank garnishments.
If your individual or business tax returns are being audited, Direct Tax Relief’s tax experts can take over your audit proceedings to ensure you get the resolution you deserve.
When your taxes remain unpaid and a bank levy is issued, Direct Tax Relief can help you find a resolution so you can avoid frozen bank accounts and money seizure and, in some cases, have current bank levies released.
When your wages, commissions, and Social Security income are being garnished because of unpaid taxes, DTR will negotiate with the IRS to put a stop to it.
If you’re a retail store, contractor, or provide in-home services, you could face state tax issues. But the experts at Direct Tax Relief have expert guidance and solutions to get you on the road to tax debt freedom. We can also help with state income, payroll and sales tax issues.
In certain situations, Direct Tax Relief may be able to have your federal tax lien released, once we complete resolution of your case.
For married couples, filing your taxes jointly can provide many benefits–but it can create problems. If you have tax liabilities, interest, and penalties as a result of filing jointly, DTR professionals can get you on the road to being tax debt free.
If you are looking to refinance your house but have a federal tax lien, the tax professionals at Direct Tax Relief will pursue all avenues to find a solution through a lien subordination.
FBAR stands for Foreign Bank Account Report. It is a required filing for U.S. taxpayers who have foreign financial accounts that exceed certain reporting thresholds during the year. The report is filed with the Financial Crimes Enforcement Network (FinCEN), not directly with the IRS. The purpose of the FBAR is to disclose foreign financial accounts held outside the United States.
U.S. citizens, residents, and certain entities may be required to file an FBAR if they have a financial interest in or signature authority over foreign accounts. The filing requirement generally applies when the total value of those accounts exceeds $10,000 at any point during the calendar year. This includes bank accounts, investment accounts, and some other financial accounts held abroad. Each account must be reported even if it generates little or no income.
The FBAR requirement applies to many types of foreign financial accounts. These can include savings accounts, checking accounts, securities accounts, and certain investment accounts held outside the United States. Accounts held jointly with another person may also need to be reported. The reporting requirement focuses on the total value of all foreign accounts combined.
Failure to file an FBAR can result in significant penalties. The government may impose financial penalties for noncompliance, even if the failure was unintentional. In more serious cases involving willful violations, the penalties can be much higher. Addressing missed filings as soon as possible can help reduce potential consequences.
Yes, late FBAR filings may still be submitted in many cases. If the failure to file was not willful, taxpayers may have options to correct the issue by filing the missing reports. Taking action voluntarily is often better than waiting for enforcement action. The proper approach depends on the facts surrounding the missed filings.
No, FBAR reporting is separate from reporting foreign income on your federal tax return. Even if income from a foreign account is reported on your tax return, the account itself may still need to be disclosed through an FBAR. These are separate reporting obligations with different filing systems. Both requirements must be handled properly to remain compliant.
Yes, jointly held foreign accounts may still need to be reported on an FBAR. Each person who has a financial interest in or signature authority over the account may have a filing obligation. The total value of the accounts is considered when determining whether the reporting threshold has been met. Proper reporting ensures compliance with federal disclosure requirements.
The FBAR is typically due annually and follows a specific filing deadline for each calendar year. In many cases, taxpayers receive an automatic extension if the filing deadline is missed. Even with the extension, it is important to file the report as soon as possible. Filing on time helps avoid potential penalties.
Yes, certain businesses and entities may also have FBAR filing obligations. If a business has financial interest in or authority over foreign financial accounts exceeding the reporting threshold, it may be required to file. This can apply to corporations, partnerships, and other entities. The reporting rules depend on the ownership and control of the accounts.
If you believe you may need to file an FBAR, it is important to review your foreign financial accounts and determine whether the reporting threshold has been met. Gathering accurate records of account balances and ownership details is an important first step. Filing correctly helps ensure compliance with federal reporting requirements. Taking action early can help avoid potential penalties.
