Foreign Account Reporting & Compliance

Our Staff at NHC Financial Services Ann Arbor is committed to keeping you compliant with the IRS regarding reporting your foreign accounts as well as all foreign income. The F-Bar is something the IRS is very serious about and have very strict penalties for Failure to file the appropriate forms. There can be penalties of 50% if you do not file your foreign account information. You must report all foreign accounts, Bank Accounts, and Investment that are in your name or in the name of your spouse where the account or collective accounts at any time during the year have a balance or collective balance of more than $10,000.00 during the year. You must also report foreign accounts you are a signer on, for a family member or even work.

The F-Bar is not the only foreign account form that may be necessary. Please feel free to give us a call so we can discuss your situation to make sure you are in complete compliance with the IRS and avoid any unnecessary penalties.