Complying with FBAR requirements can be difficult - but we work with our clients to make it as easy as possible.
San Francisco, Ca (PRWEB) April 29, 2015
Safe Harbor LLP, a CPA firm in San Francisco specializing in international tax compliance including FBAR filing and compliance, is proud to announce preparations for filing assistance in light of the upcoming June, 2015, FBAR deadline.
"San Francisco and indeed the entire San Francisco Bay Area are international in scope," explained Chun Wong, CPA, managing partner at Safe Harbor LLP. “The FBAR is now 'electronic only,' meaning that everything has to be electronically filed, and due to its complexity as to the definition of 'foreign financial assets,' it really requires the assistance of a trained tax professional to be in compliance.”
Consequently, Safe Harbor LLP has upgraded its information on FBAR and its landing page for those seeking FBAR assistance. For information on FBAR compliance, one can visit the following URL - http://www.safeharborcpa.com/tag/fbar/. There one can read many informative blog posts by Safe Harbor on FBAR issues. For direct assistance, including a phone consultation, interested parties are referred to the specific FBAR page at http://www.safeharborcpa.com/fbar/.
Foreign Tax Compliance: A Growing Issue
Our world is growing ever smaller. Since the advent of jet airplane travel in the 1960s, to today’s Internet economy, the distance between San Francisco and India, California and Germany, have shrunk and shrunk. Today it is not uncommon for a high income San Francisco Bay Area resident to have business interests in Germany, China, or Japan. IRS regulations increasingly focus on bringing clarity to the disclosure of these assets and it is increasingly important to be aware of the regulatory requirements. With the implementation of FATCA in July 2014, the world grows smaller, the interconnections grow deeper but two things are certain: taxation and increased enforcement by the IRS.
FBAR requirements force many US taxpayers to declare their foreign financial assets in order to avoid stiff penalties. Unfortunately, many taxpayers are confused as to the filing requirements and whether or not they are actually required to file. Safe Harbor's informational pages are a step aimed at taxpayer education, and its in-depth assistance can help any taxpayer achieve legal compliance. (FBAR stands for 'Foreign Bank and Financial Accounts.').