Individuals who are required to file FBARs need expert advice to ensure proper compliance not only with the FBAR filing requirements, but possibly with other reporting requirements such as the Foreign Account Tax Compliance Act (FATCA), P.L. 111-147. FATCA requires filing Form 8938, Statement of Specified Foreign Financial Assets, with the federal income tax return, a separate requirement from the FBAR filing.

FBAR is not a tax return (and it isn't filed with the IRS, unlike Form 8938)—it is an information report. It was designed, along with other reporting requirements such as FATCA, to deter tax evasion.

To assist U.S. taxpayers, Ferdous Sikder, CPA has streamlined the process of filing compliance procedures with IRS to help those who have unreported foreign financial accounts to come into compliance.
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