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# FBAR Services
* FBAR Services
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## FBAR Tax Requirements
Anyone with a financial interest or authority in a foreign account may be required to file a particular report to the IRS, A Report of **Foreign Bank and Financial Accounts, or FBAR**. This pertains to a bank account, trust, mutual fund or any type of financial account. This is due to something called the Bank Secrecy Act, which Congress passed to fight against money laundering and fraud.
## The IRS gets Serious
This Act has been in effect for decades, but the IRS has increased its attention and enforcement in recent years, as offshore accounts are a primary means of tax evasion. *This increased emphasis brings increased penalties to violators.* Even accidental or inadvertent violations can be punishable, so this is an area in which taxpayers must work to follow the letter of the law. Keeping up with tax law is difficult enough for individuals and business owners. **Add in a foreign account or two and you really should rely on a qualified accountant**.
## Not All Accountants can Help with FBAR
**Not all accounting firms are qualified to deal with FBARs**. CPA Accounting and Tax Services is qualified to assist you with reporting your foreign accounts. We can determine, first and foremost, **if you need to file an FBAR or not**. The general indicators are if you are an American Citizen or Green Card holder, you have an interest or are the owner of a financial account located outside of the U.S., and the account totaled more than $10,000 U.S. dollars at any time during the previous year. **If all this applies to you, then yes, you need to file an FBAR**.
## Call Our Orlando Office at (407) 382-6658 to Schedule Your Initial Consultation
## FBAR and Financial Interest
What does a **“financial interest”** mean? It may be a direct or indirect interest. You have a financial interest in any account that you own. If the account is owned by a corporation that you own- fully or partially- you have an interest in the account and therefore, must file an FBAR. *\*Note: If you must file an FBAR because you have an account that matches these terms, you must also report any additional foreign accounts on this form, even if those accounts have balances below $10,000, even if the amount is $0*.
We have defined **“financial interest.”** Let’s examine the types of accounts that need to be reported. Any bank account held in a foreign country needs to be reported on an FBAR. Securities, commodity futures, insurance and annuity policies with a cash value, and even certain pension funds fall into the category of accounts for which you will need to file an **FBAR**.
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# Income Verification
* Income Verification
## Proving Your Income
There are certain times in life when you will need to prove that you make the amount of income you claim to. One example is when applying for a line of credit **(car or mortgage, etc.)** Landlords also often request proof of your stated income. **This process or request is called Income Verification.**
## Income Verification – Reliable Proof
In some instances, you may be able to rent a home or apartment by simply stating your income, but more and more these days, you will need to prove it. *Landlords or lenders will want some level of confidence that you can pay your monthly payments on time every month.* For individuals who work for someone else, this is pretty easy to provide. Pay stubs, W2s, and tax transcripts are reliable forms of proof of your income. **But for those who are self-employed, there may be no pay stubs or W2s and tax transcripts are not always the best indicators of a business’s health.** Here is where a CPA can help.
Information received from an accountant is considered more reliable and trustworthy than information received from an individual about himself or herself. Accountants know the full picture of their clients’ finances, which is usually more than meets the eye or the tax return.
## How We Provide Verification
**As income verification, we at CPA Accounting and Tax Services, can provide, on our letterhead, details of profit and loss and how many years you have been in business/self-employed. Further,** we can list any industry memberships that you carry to show your level of activity in your area of business. If you have a bad debt in your past, it can loom on a credit report or Better Business Bureau report for years. This is a red flag to mortgage lenders or other financial institutions. If this was a one-off event, we can provide a statement that addresses the details of that situation. *If the rest of your business history is clean,* we can provide a comparison of that year versus the entirety of your time in business to show that it was an unusual situation that should not be expected to occur again.
## Credibility
Other times that we can strengthen your income verification are when there has been a change in your income due to start-up expenses or equipment purchases in one particular year. *It is common for a bank or other lender to review two or more years of income history.* We can help explain big differences. For people who are new in business, but have a history of working in the industry, **it lends credibility for a CPA like CPA Accounting and Tax Services,** to create a letter stating that while this is a new business, the owner has years of experience in the industry working for someone else.
As you can see, there are many ways that a *CPA can provide income verification.* This is just one of the many services that we are honored to provide our clients. Call us to learn more about how we can be a true partner with you: **407-382-6658.**