Sanjiv Gupta CPA Firm Now Helping Clients With Foreign Bank Account Reporting (FBAR) Requirements

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IRS is especially interested to see the compliance of NRI community with Foreign Bank Account Reporting (FBAR) requirement. Deadline for filing the documents is June 30th and comes with huge penalties for those who fail to file.

Sanjiv Gupta

Sanjiv Gupta CPA

People who hardly get time to understand what IRS is all about can’t take tax filing seriously. This is blissful ignorance, but not any more. It seems the IRS will monitor all your financial activities under a microscope.

Certified Public Accountant, Sanjiv Gupta, announced a FBAR assistance program for Indian Community living in San Francisco Bay Area. "Saving tax by investing in foreign countries is century old trick but you will find yourself in some serious trouble if you don't play by new IRS rules," warned Sanjiv on his radio tax talk show.

The International Revenue System has turned nightmarish. The inception of imposing high penalty charges on FBAR filing started as early as 2009. However the haywire rules cause severe confusion amongst people who try to resolve and file their tax papers all by themselves. Not having enough skill to tackle tax filing procedures, people often turn defaulters. Net result: paying huge amount of fines.

“People who hardly get time to understand what IRS is all about can’t take tax filing seriously. This is blissful ignorance, but not any more. It seems the IRS will monitor all your financial activities under a microscope and indeed over the past few years it has turned into a stringent institution,” says Sanjiv Gupta a Certified Public Accountant; owner and director of a renowned tax consultant firm.

Gupta’s firm has been clearing all ambiguities that their clients have in their mind regarding FBAR filing. FBAR filing under the U.S. Code, 31 Money and Finance contains intensive information about the filing procedure of form TD F 90-22.1. “Unless a person knows all about procedures and rules how can you expect him to submit a flawless tax paper and statements such as FBAR?” he questions. Then what? “There is no dearth of reputable accountant firm that can help tidy the affairs, negotiate deals, provide experienced tips and act as a mediator between IRS and the tax filers.” says Sanjiv Gupta.

Explaining the FBAR procedure Gupta says that a person owning a foreign bank account with $10,000 is required to fill form TD F 90-22.1. This would also include security derivatives, hedge funds, mutual funds etc. the final date of submission for FBAR of a financial year is June 30. “If you need to file FBAR for the year 2011, then your last date would be 30 June 2012. Late submissions will be fined,” Gupta explains.

But there’s good news says Gupta, the IRS announced certain administrative relief in its notice 2010-23. Tax-payers can get to know the details from eminent firms that handle tax filing process like that of Gupta’s own. “People have lots of queries which need proper explanation and answering. It is on us those that are aware of taxation policies to help people attain better tax knowledge.” opines this Certified Public Accountant.

This Group provides expert guidance on tax problems. Their panel of veteran tax professionals has resolved several IRS tax conflict cases successfully over the years. This group is committed to quality service and provides accounting and tax services to both individuals and businesses around San Francisco Bay Area. For more information visit: sanjivcpa.com

About Sanjiv Gupta CPA Office:

Sanjiv Gupta’s firm is a full service Certified Public Accounting firm located in the heart of San Francisco Bay Area. Founded by Sanjiv Gupta, the practice has grown into a trusted and respected accounting firm with office located in Fremont CA. Sanjiv Gupta practiced tax as charter accountant (CA) in India and has served the San Francisco Bay Area community as CPA for last several years. His tax radio talk show on 1170 am and 1550 am are very popular among Indian Community. His office provides strategic accounting, tax, financial, wealth preservation, business valuation, planning and consulting services to individuals, and small businesses. His office assists clients from Cupertino, San Jose, Palo Alto, Hayward and other major San Francisco cities. Sanjiv also offer consultation via phone and video conferences. You can visit Sanjiv Gupta CPA practice at 39111 Paseo Padre Pkwy # 117, Fremont, CA 94536 or give him a call at 510-825-7563.

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