Expatfile, a prominent tax and financial technology company, has launched an innovative solution to simplify FBAR filings for Americans residing abroad. The company has integrated electronic submissions of Form 114 (FBAR) through a customer’s tax return process with a single click of a button, building on the success of its US expat-friendly do-it-yourself (DIY) tax software introduced in 2020.
FBAR
Building on the success of its US expat-friendly do-it-yourself (DIY) tax software introduced in 2020, the company has taken another step to reduce the tax and reporting compliance obligations of Americans abroad by integrating electronic submissions of Form 114 (FBAR) through a customer’s tax return process, with a single click of a button.
Americans must annually report foreign bank and financial account information to the Financial Crimes Enforcement Network (FinCEN) by submitting Form 114 (FBAR), if the combined balance of those accounts exceed $10,000 at any given time during the year.
The FBAR requirement is additional and separate from a taxpayer’s tax filing requirement, which is met by submitting a timely filed US tax return to the Internal Revenue Service.
Penalties
The penalties for non-compliance with the FBAR requirements are punitive and can be severe, starting at a penalty of $10,000 and even, in severe cases, resulting in potential imprisonment.
With Expatfile’s integrated FBAR feature, a taxpayer is now able to submit their FBAR forms to FinCEN at the same time they complete their tax return – saving taxpayers tremendous time and effort while assuring that the FBAR forms have been transmitted successfully to FinCEN evidenced by secure digital receipts and acknowledgements.
User-friendly solution
Giuseppe Salvaggio, the co-founder of Expatfile, emphasized, “Americans relocating overseas encounter unfamiliar U.S. reporting requirements that they may not have been aware of previously.”
“We’ve observed that many Americans living abroad consider renouncing their US citizenship due to the complexities of these filing requirements.”
“Our mission is to streamline the US compliance process for all Americans abroad, making it manageable and affordable without the need for tax service providers.”
“Including a user-friendly FBAR solution for only $49 marks a significant stride towards realizing this objective.”
Including FBAR reporting into their software marks the next phase of Expatfile’s commitment to leverage technology to simplify compliance for all Americans living abroad.
About Expatfile.tax
Expatfile is a leading US tax and financial technology company that offers a user-friendly tax platform for Americans living abroad, allowing taxpayers to e-file their U.S. tax returns and FBAR forms instantly. Since its launch in 2020, tens of thousands of Americans abroad have utilized Expatfile’s tax software.
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