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Foreign Bank Account Reporting Services in New Jersey
Precise Compliance for Every Foreign Account You Hold
One unreported foreign account can cost more in penalties than it ever held in cash. FBAR and FATCA are two separate filings sent to two different agencies, and missing either one is treated as a serious compliance failure.
Demian & Company, LLC provides dedicated FBAR and FATCA compliance services for New Jersey individuals with international financial assets. Since 1995, our CPAs have guided clients through accurate, on-time reporting.
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Remote Services
Available
2,000+ Clients Served Nationwide
Excellence delivered with exceptional service.
30+ Years of Experience
Building wealth for accomplished clients since 1995.
Custom Solutions for Individuals and Businesses
Because your goals deserve more than one-size-fits-all.
Complete Foreign Bank Account Reporting Services for New Jersey Individuals
Foreign account reporting isn’t a single form; it’s a coordinated review of every account, asset, and entity you hold abroad, matched against two separate reporting thresholds and filed with two separate agencies. Our foreign bank account reporting services provide New Jersey clients the full picture they need to stay compliant:
FBAR Preparation and Filing (FinCEN Form 114)
We calculate the aggregate maximum value of every foreign account you held during the year and determine whether the $10,000 reporting threshold was met. Once confirmed, we file FinCEN Form 114 electronically through the BSA E-Filing System before the April 15 deadline or the automatic October 15 extension.
FATCA Reporting (IRS Form 8938)
FATCA thresholds differ from FBAR and depend on filing status and residency, often starting at $50,000 or higher. We review your foreign financial assets, from foreign investments to ownership interests in foreign entities, and prepare Form 8938 with your federal tax return.
Foreign Account Identification and Aggregation Review
Many clients underreport because they overlook joint accounts, signature authority accounts, foreign pensions, or accounts held through a foreign entity. We take a complete inventory of your international financial assets to help ensure nothing is overlooked before your filing is submitted.
Streamlined Filing Compliance Procedures for Prior-Year Catch-Up
If you have unfiled FBARs or Form 8938s from prior years, we evaluate your eligibility for the IRS Streamlined Filing Compliance Procedures. This structured path allows non-willful omissions to be corrected with reduced penalty exposure.
Ongoing Annual Compliance Monitoring
Foreign account values, entity structures, and residency status change from year to year. We track your reporting obligations annually so your filings always reflect new accounts, closed accounts, and shifting thresholds.
IRS and FinCEN Audit Support
If your foreign account reporting is questioned or examined, our CPAs represent you directly with the IRS and FinCEN. We prepare the supporting documentation and work to resolve the matter with minimal financial disruption.
Foreign Accounts Deserve a Specialist, Not a Generalist
FBAR and FATCA carry some of the harshest civil penalties in U.S. tax law. At Demian & Company, LLC, our international tax compliance services help New Jersey clients report foreign accounts accurately and avoid unnecessary exposure.
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Industries We Serve for Foreign Bank Account Reporting
Foreign account reporting touches far more than traditional expats abroad. Clients across these industries regularly need help identifying and reporting foreign accounts tied to their business or personal holdings:
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Law Firms
Attorneys and partners often manage or own foreign trust accounts, retainers, or investments tied to international clients. We help law firm owners identify these accounts and file accurately alongside their firm's other compliance obligations.
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Real Estate
Investors and developers with overseas property often maintain foreign bank accounts for rent collection, taxes, or property management. We reconcile these accounts against FBAR and FATCA thresholds to ensure international holdings stay fully reported.
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E-Commerce
Online sellers working with overseas suppliers or foreign payment processors may unknowingly maintain reportable foreign accounts. We review platform payouts and international banking relationships to confirm what should be disclosed.
Technology & SaaS
Founders and executives with international teams, foreign subsidiaries, or overseas investor accounts face layered reporting requirements. We help technology leaders separate business structures from personal foreign account obligations.
Private Equity & Venture Capital
Investors in offshore funds or foreign portfolio companies frequently trigger both FBAR and FATCA thresholds. We coordinate with fund administrators and personal advisors to ensure every reportable interest is captured.
Manufacturing
Manufacturers with overseas suppliers or foreign subsidiaries often maintain accounts abroad to support international operations. We help owners and executives determine which accounts carry personal reporting obligations.
Healthcare
Physicians and healthcare business owners with international training, family ties, or overseas investments frequently hold foreign accounts without realizing the filing requirement. We review personal and practice-related holdings to close any compliance gaps.
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Hospitality
Owners of hotels, restaurants, and hospitality groups with international locations or foreign investor relationships often have cross-border banking activity. We help hospitality clients track and report every account tied to their operations abroad.
Every Industry, One Standard of Compliance
No matter your field, foreign accounts carry the same reporting obligations and the same penalty risk. At Demian & Company, LLC, our New Jersey CPAs bring specialized FBAR and FATCA expertise to clients across every industry we serve.
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Our Proven FBAR and FATCA Compliance Process
Accurate foreign account reporting depends on a disciplined process, not a rushed form at tax time. We’ve designed our approach to catch every reportable account and keep your filings defensible year after year.
1. Foreign Asset Discovery
We start with a detailed conversation about every foreign account, pension, entity interest, and signature authority you hold, then confirm account values and ownership details with your statements.
2. Threshold and Filing Determination
Our CPAs use your filing status and residency to calculate whether your accounts meet the FBAR aggregate threshold, the FATCA reporting threshold, or both.
3. Form Preparation and Review
We prepare FinCEN Form 114 and IRS Form 8938 where applicable, cross-check account values against source documents, and review the filings with you before submission.
4. Electronic Filing
FBAR is filed electronically through FinCEN's BSA E-Filing System, and Form 8938 is filed with your federal tax return, ensuring both obligations are met through the correct channel.
5. Prior-Year Review and Catch-Up
If earlier filings were missed, we assess your options under the IRS Streamlined Filing Compliance Procedures and prepare any prior-year FBARs or Form 8938s needed to bring you current.
Why New Jersey Clients Choose Demian & Company for Foreign Account Reporting
Foreign Bank Account Reporting Services Throughout New Jersey and Beyond
With offices in Cranford and East Brunswick, Demian & Company, LLC serves individuals across New Jersey, New York, and Pennsylvania, as well as clients nationwide who hold foreign financial accounts. With our secure systems, it’s easy to share account statements, review your international holdings, and file on time regardless of your location.
Cranford Office
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340 North Avenue East Cranford, NJ 07016-21825.svg)
(908) 272-4452East Brunswick Office
65 Milltown Rd
East Brunswick, NJ 08816(732) 790-0955
Protect Yourself with FBAR and FATCA Compliance
Foreign account reporting isn’t the place to guess. At Demian & Company, LLC, our New Jersey CPAs provide dedicated FBAR and FATCA compliance services built for individuals with international financial assets who need every filing done right.
Whether you need a single year filed or several years of catch-up, we bring the same specialized attention your foreign accounts require.
FAQs About Foreign Bank Account Reporting in New Jersey
What is the difference between FBAR and FATCA reporting?
FBAR, or FinCEN Form 114, is filed with the Financial Crimes Enforcement Network and covers foreign bank and financial accounts once the $10,000 aggregate threshold is met. FATCA, reported on IRS Form 8938, is filed with your federal tax return and covers a broader range of foreign financial assets at higher thresholds. Many clients must file both.
What foreign accounts need to be reported to the IRS?
Reportable accounts may include foreign bank accounts, brokerage and investment accounts, foreign pensions, and certain foreign life insurance policies with cash value, as well as accounts where you hold signature authority but no ownership interest. We review your full financial picture to identify every account that meets FBAR or FATCA thresholds.
Do I need to report a foreign bank account with less than $10,000?
If that account is your only foreign account and its value never exceeded $10,000 at any point during the year, an FBAR is generally not required. However, the $10,000 threshold is an aggregate across all your foreign accounts combined, so several smaller accounts can still trigger the filing requirement.
How does the IRS know if you have a foreign bank account?
Under FATCA, foreign financial institutions report U.S. account holder information directly to the IRS through intergovernmental information-sharing agreements. The IRS also cross-references FinCEN's FBAR filings, foreign wire transfers, and data from other countries' tax authorities, making undisclosed foreign accounts increasingly difficult to keep hidden.
What happens if you don't report foreign bank accounts?
Unreported accounts can result in civil penalties for each account, each year the filing was missed, with even steeper penalties if the failure is deemed willful. In serious cases, unreported foreign accounts can also lead to criminal investigation. This is why voluntary correction through the IRS Streamlined Filing Compliance Procedures is often the safer path.
Do I have to pay taxes on a foreign bank account?
FBAR and FATCA are disclosure requirements, not taxes in themselves; however, any interest, dividends, or gains earned in a foreign account are generally taxable income that must be reported on your U.S. tax return. We help clients determine what foreign account income is taxable and ensure it's reported correctly alongside their FBAR and FATCA filings.