Award-winning global customer service.
★★★★★ 5/5
Dimov Tax is rated 5 stars on all major review platforms including Google, Yelp, Facebook, Angie’s List, Better Business Bureau, TaxBuzz, Thumbtack, Upwork, Bark, and much more.
Filing both FBAR and Form 8938 is essential for U.S. taxpayers with foreign financial accounts to remain compliant with IRS regulations. At Dimov Tax, we offer expert guidance and support to help you accurately report your foreign assets and avoid potential penalties. Let us simplify the process and ensure your filings are completed correctly and on time.
Our client base is very diverse in terms of nationality & places lived/worked. For this reason, we have countless clients that must report Foreign Bank and Financial Accounts (FBARs) as a component of their annual regulatory compliance.
A few notes below about FBARs:
If you had a non-US account with over $10,000 USD at any point in the year, you must report it and all other accounts.
You are not taxed on having the money, but interest or dividends earned must be reported on Schedule D of Form 1040. Foreign taxes paid can be credited on your US return.
Joint accounts or those you control with over $10,000 USD must be reported, including shares, life insurance policies, and pension plans.
The IRS allows flexibility with exchange rates, as long as you are consistent and compliant. Contact us for the IRS exchange rate list.
If your foreign account is a trust, you may need to file Forms 3520 and/or 3520-A.
Offshore cryptocurrency and foreign retirement accounts qualify and should be reported to avoid IRS issues. We recommend erring on the side of caution.
Ensuring compliance with FBAR and Form 8938 filing requirements is crucial to avoid penalties and stay on the right side of IRS regulations.
Our experienced team is here to guide you through the complexities of reporting your foreign financial accounts. Whether you need help with exchange rates, reporting joint accounts, or understanding the tax implications of your foreign assets, we have the expertise to assist you. Contact us today to ensure your filings are accurate and complete, giving you peace of mind and financial security.
Aside from the FBAR, which goes to FinCEN, you may also need to disclose your foreign assets to the IRS.
If you had an account with over $50,000 USD at the end of the year or over $75,000 at any point, you must report it and all other accounts.
This includes brokerage accounts, interests in foreign entities, financial contracts, etc., and may require filing Form 5471 if interest exceeds 10%.
Contact us for questions and a checklist of required items if you need to file Form 5471.
If you are delinquent with this filing, we have the expertise to assist you.
Note that absolutely none of the above for either section is professional advice unless you have retained us to examine applicability to your case. Also note that tax information changes frequently with the law.
George Dimov CPA and his team offer tax preparation services. We provide a fast and accurate experience. Give us a call to learn more about our individual tax services today.
Our commitment to excellence is driven by foundational core values that guide every interaction and decision. We are dedicated to upholding these principles, ensuring that every client receives exceptional, ethical, and personalized service.
Call us today at (866) 798-8334, email us at info@dimovtax.com, or fill out the form and we’ll get in touch immediately.
"*" indicates required fields
Dimov Tax is rated 5 stars on all major review platforms including Google, Yelp, Facebook, Angie’s List, Better Business Bureau, TaxBuzz, Thumbtack, Upwork, Bark, and much more.