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FBAR Reporting
A Complete Guide to Foreign Bank and Financial Accounts (FBAR) Reporting for NRIs, Expats, and Businesses.
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FBAR Reporting
US Foreign Asset Reporting Compliance Services Guide
Read our detailed guides on US reporting obligations for NRIs, Expats, and Green Card holders with global income and foreign accounts.
Simple & Accurate Foreign Asset Compliance Process
Whether you want to report your foreign assets or need guidance with FATCA filing, we have got you covered. Here is how we work:
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1Expert Review
Depending on your uploaded docs, our experts will verify your CPA accuracy and threshold.
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2Compliance Check
Our team will check all the FATCA/FBAR/PFIC rules are covered or not to avoid penalties.
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3E-file & Acknowledgment
Next, using our portal, do your FBAR filing online and receive the acknowledgment slip.
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4Post-Filing Support
We also provide assistance in auditing, IRS notices, and penalty guidance to our US taxpayers.
With Savetaxs Protect Your Foreign Assets from US Tax Laws
At Savetaxs, our experts help you in completing your FATCA and FBAR filings on time and avoid penalties.
Why We Are Your Best Bet?
- Dedicated team of CPAs with expertise in US-India tax laws
- Step-by-step process, with no hidden charges
- 24*7 Customer support across all time zones
- Clear & transparent communication with digital security
- Global reach with year-round assistance
Here is What You Get
- Preparation and filing for Form 8938 (FATCA)
- Streamlined procedures for late tax filers
- Expert advisory on foreign asset reporting
- Penalty avoidance and IRS audit protection
- Coordination with Form 1040, FBAR, and Schedule B
Know What Our Expat Clients Are Saying About Us
With years of service, we have helped thousands of US taxpayers and expats in foreign asset reporting and counting more.
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Frequently Asked Questions
Clear and Concise Answers to the Most Frequently Asked Questions for Better Understanding and Guidance
Failure to file out Form 8938 results in paying a penalty of $10,000 per year. This penalty can be up to $50,000 for not filing out the form even after receiving the notification from the IRS.
Well, it totally depends on your case type. In many scenarios, the process is straightforward. For example, if you have foreign assets only from foreign stocks and bank accounts, then your reporting requirement will be very minimal, and the details will be easy to gather.
The IRS requires the reporting of several types of financial assets annually. It includes investment accounts, foreign bank accounts, foreign life insurance, pension received from a foreign company, mutual funds, ownership in foreign trusts, partnerships, or companies, ownership of personal retirement accounts such as superannuation funds or ISAs, and other financial accounts.
The IRS wants you to do so because it has found errors in the tax rates of U.S. taxpayers with foreign income and assets when they file their returns. By asking them to mention their foreign ownership, the IRS gets the information of the taxpayers who are under-reporting their taxable income in the country.
The IRS has several tools and data that help it identify U.S. taxpayers who have not disclosed their complete assets and investments from overseas. So, if you haven't reported all your foreign income and assets, the IRS will still find out about it using its tools and data.
The IRS has several tools and data that help it identify U.S. taxpayers who have not disclosed their complete assets and investments from overseas. So, if you haven't reported all your foreign income and assets, the IRS will still find out about it using its tools and data.
Not all your foreign assets need reporting, and often minor differences in the held assets or in the asset type held outside the US make no big difference in the value of annual reporting. At Savetaxs, we help you know the rules, avoid pitfalls, and identify other investment options that meet your requirements without increasing your asset reporting in the US.