Parent & Parent LLP Launches New Online Quiz that Helps Taxpayers Test their Knowledge of the FBAR Filing Dates

The New Quiz Offers Immediate Feedback on Each Answer as well as Helpful Tips and Information on the Filing Dates for the Report of Foreign Bank Account

WALLINGFORD, CT / ACCESSWIRE / March 28, 2017 / Parent & Parent LLP, a tax firm that specializes in offshore U.S. tax compliance, are pleased to announce that they have just created and posted an online quiz that is devoted to clarifying the filing dates for the Report of Foreign Bank Account, or FBAR.

To take the free and helpful quiz, which can help people understand the new filing dates for the FBAR, as well as other reporting requirements, please check out https://www.irsmedic.com/blog/2017/03/fbar-quiz.html at any time.

As a spokesperson for Parent & Parent LLP noted, US taxpayers who own or control foreign bank and financial accounts in excess of $10,000 USD now have to report any interest in foreign bank accounts when they file their tax returns—not by June 30, as was previously the case. In addition, there is a misconception among many people that the FBAR reporting requirements are not onerous and difficult to understand.

This knowledge inspired Parent & Parent LLP to create and post the free online quiz that will allow tax professionals and taxpayers to test their knowledge on how to properly report a foreign bank account to the IRS.

“The consequences for an incorrect FBAR can be wildly draconian,” the spokesperson noted, adding that it is imperative that the FBAR filing be done correctly.

“In fact, there are circumstances in which it is better to file nothing at all than an FBAR that is only partially correct.”

To watch a video on YouTube that explains the risks associated with filing an incorrect FBAR, please visit https://youtu.be/rsVyD4Sm8_I.

Taking the new online quiz is not only easy to do – it is also an educational experience. People get immediate feedback on each one of their answers, and the quiz provides additional tips and helpful information about each question.

For example, one of the questions asks “What is not an alternative name for the FBAR form?” adding that sometimes the IRS agents are not sure of all of the names for the FBAR. As it turns out, the FBAR also goes by Report of Foreign Bank Accounts, the FinCEN Form 114 and the TD F 90 .22-1. Whether taxpayers refer to it as the FBAR, IRS Form 114 or something else, the procedures and penalties are all the same, the quiz noted.

About Parent & Parent:

The tax firm of Parent & Parent LLP specializes in offshore US tax compliance for the entrepreneur. They are a team of tax attorneys, CPAs, and tax specialists all under one roof. Located in Connecticut, they help US taxpayers no matter where in the world they are located. For more information, please visit https://www.irsmedic.com/.

Parent & Parent
144 S. Main St.
Wallingford, CT 06492

Contact:

Claudine Gindel

cmg@irsmedic.com

203 2696699

SOURCE: Parent & Parent LLP

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