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Ecuador News
February 16, 2014

BANK ACCOUNTS IN EXCESS OF $10,000 MUST BE DECLARED TO IRS BY JUNE 30th 2014

If you are an American citizen/resident and have a financial interest in or signature authority over any Ecuadorian financial account and/or other foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding $10,000, you MUST file a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR form). GOOGLE IT IF YOU ARE NOT FAMILIAR WITH THIS MANDATORY IRS REQUIREMENT!

This also includes EVERY American citizen/resident with an Investor Visa of $25,000+ in an Ecuadorian bank or co-op account, plus all American citizens/residents with any Ecuador bank account(s) or co-op account(s) in excess of $10,000.

IRS Penalties are: If non-willful, up to $10,000; if willful, up to the greater of $100,000 or 50 percent of all foreign account balances; criminal penalties may also apply. We can also assist you in filing for past overdue years and sending an explanation to the IRS as per why you were late or deficient in your filing(s), requesting that they withhold and not apply any penalty for any past year(s) non-compliance.

Email or visit the Accounting and Law Office of Sara Chaca (Residency Visas & Containers) today to have your FBAR form filed electronically for you by our “USA licensed CPA Accountant” – our US CPA Accountant can also electronically file your 1040 Federal Income Taxes for you online as well while you happily stay put in Ecuador! Office address: Edificio Acropolis, Office #303 (Third Floor), Avenida Jose Peralta & Avenida 12 de Abril, Cuenca, EC.

Email: sara@ecuadorvisas.com

For more Accounting information in Cuenca CLICK HERE

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