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Subject: FOREIGN BANK ACCOUNT REPORT (FBAR) FILING OBLIGATION
Dear Client:
We would like to let you know the mandatory requirement for filing Foreign Bank Account Report popularly called as FBAR. We have helped many of you in filing this report in the past years.
IRS has turned very vigilant on FBAR and started acting punitively unearthing Persons foreign bank accounts, financial assets, transactions, financial or signature interest in any financial or other assets held outside of the United States.
FBAR filing is mandatory and failure to file is considered an act of felony and a financial crime punishable with severe civil penalties & imprisonment based on the quantum of non-disclosure and level of negligence in reporting.
The obligation of reporting is equally applicable to everyone. It does not matter if your visa type is H1B, H4, L1, L2, EAD, Green card or US citizen; the law applies equally to all. You are required to file this FBAR report only if you have Rupees 630,200 (equivalent to USD 10,000) combined highest/maximum balance in all Accounts (like foreign bank account, fixed deposits, stocks, mutual funds, savings certificates, post office saving accounts, life insurance policies that are linked to investment plans & other liquid money) outside United States at any time in the Calendar year 2014, it does not matter if you do not have this much balance as on 12/31/2014, you are still require to file FBAR.
You are also required to file this report if you have stocks or mutual funds or bond or PPF or retirement account funds, Saving Certificates with post office, certificate of deposits (fixed deposits) with any bank or financial institutions outside the United States which equals Rupees 630,200 combing with all bank accounts also. If you own a company in India and the company has Rupees 630,200 (equivalent to USD 10,000) highest/maximum balance at any time in Calendar Year 2014, is also obligated/liable to file this FBAR report as well.
If you are a director of any company outside the United States, you are also required to file this report.
We would like to clarify that you will not get taxed on the funds/accounts in foreign country but the disclosure requirements must be met by filing FBAR. Moreover, there is no negative impact on you for filing this report. Hence, as good residents and citizens, all have to abide the law and provide appropriate disclosures.
Please send this info to your friends and family to ensure compliance by all. We recognize, acknowledge and appreciate your referrals and hope that you will continue to refer others to us.
Those of you who have not yet filed this report, we are offering this service of filing FBAR at a reasonable price of $49 for each person/individual. If you are interested to avail this service, you can call us at 248-888-0800 or 248-470-8779 or send email to raj@rajparuthi.com or simply pay $49 at our website at www.rajparuthi.com using your debit or credit card.
We hope to talk with you soon.
Sincerely,
Raj Paruthi
www.rajparuthi.com
April 29th, 2015
24155 Drake Road, Suite 108, Farmington Hills, Michigan 48335
Phone: 248-888-0800, 248-470-8779, 248-442-0808, 248-702-7329
Fax: 248-786-6920
Web: www.rajparuthi.com Email: raj@rajparuthi.com
Personal & Business Taxes, FBAR - Foreign Bank Account Report, Payroll, New Business Start-up, Tax & Financial Planning, Business Consulting, Notary Public
