As the IRS continues to expand its global reach through the Foreign Account Tax Compliance Act (FATCA) and increased information sharing with foreign financial institutions, taxpayers with international assets face unprecedented scrutiny.
At Master Financial Consulting LLC, we provide specialized CPA-led guidance to help U.S. citizens, residents, and entities navigate the complexities of foreign asset reporting. Our goal is to protect your global wealth while ensuring full legal compliance.
The Foreign Bank and Financial Accounts Report (FBAR) is a mandatory annual filing for any U.S. person who has a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year.
Our FBAR services include:
Comprehensive Asset Review
Identifying which accounts — including bank accounts,
brokerage accounts, mutual funds,
and certain life insurance policies —
meet the FBAR reporting threshold.
Accurate Valuation
Calculating maximum account values
in accordance with Treasury Department exchange rates.
Electronic Submission
Secure electronic filing of FinCEN Form 114
through the BSA E-Filing System
to ensure timely compliance.
If you have discovered that you failed to report foreign income or file required information returns such as the FBAR, you may qualify for the IRS Streamlined Filing Compliance Procedures.
This program is designed for taxpayers whose non-compliance was non-willful — due to negligence, inadvertence, or mistake — and provides a path to compliance while significantly reducing or eliminating severe penalties.
How we assist you through the Streamlined process:
Eligibility Assessment
A detailed review of your filing history
to determine qualification
for domestic or offshore streamlined programs.
Certification of Non-Willfulness
Assistance drafting the required narrative statement,
ensuring it clearly explains the circumstances
of non-compliance
and meets IRS standards.
Multi-Year Catch-Up Filings
Preparation of the last three years
of amended or original tax returns
and the last six years of FBAR filings.
Penalty Mitigation
Strategic handling to minimize exposure
to the standard 5% miscellaneous offshore penalty,
where applicable.
“International tax is one of the most technical areas of the tax code. A single mistake in an FBAR or Streamlined filing can trigger life-altering penalties. At Master Financial Consulting, we combine technical precision with a strategic approach to resolve past-due obligations and secure your financial future.”