Many San Francisco Bay Area residents and businesses have financial or other assets in foreign countries and are subject to the FBAR requirements, often without their knowledge. Compliance is increasingly importance in the face of IRS efforts against tax.
San Francisco, CA (PRWEB) July 17, 2014
Safe Harbor LLP, one of the San Francisco Bay Area’s top CPA firms, is proud to announce increased FBAR services for San Francisco Bay Area residents who may have FBAR compliance issues due to the ownership of foreign assets, financial or otherwise. FBAR, of course, stands for ‘Foreign Bank Account Reporting’ and is an IRS compliance program.
“San Francisco and indeed the entire San Francisco Bay Area are international in scope,” explained Chun Wong, CPA, managing partner at Safe Harbor LLP. “Many San Francisco Bay Area residents and businesses have financial or other assets in foreign countries and are subject to the FBAR requirements, often without their knowledge. Compliance is increasingly importance in the face of IRS efforts against tax violators.”
For information on FBAR compliance, one can visit the following URL - http://www.safeharborcpa.com/tag/fbar/. There once can read many informative blog posts by Safe Harbor on the FBAR issue. However, for serious tax issues, readers are encouraged to reach out to a tax professional as no blog post can of course substitute for professional advice.
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. As the world grows smaller, the interconnections grow deeper but one thing is certain: taxation.
About Safe Harbor LLP – a San Francisco CPA Firm
Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service.
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