Far North Tax Service

E-Filing Your Tax Return & Your Report of Foreign Bank and Financial Accounts (FBAR)

If you a U.S. citizen, Green Card Holder, or company that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year, you have to file a FinCEN Report 114 for each year that you meet the threshold for filing.

Failure to file a timely FinCEN Report 114 can result in a fine of $10,000 or more per violation and possible criminal charges being filed.

Far North Tax Service can make sure your FinCEN Report 114 is filed correctly and on time. We are a Registered BAS E-Filer and can process and file your application for you. We can also represent you before the Financial Crimes Enforcement Network.

E-filing a tax return refers to the process of submitting your tax return electronically. There are several options available for e-filing your tax return. The Internal Revenue Service (IRS) offers four electronic filing options for individual taxpayers: IRS Free File or Fillable Forms, Free Tax Return Preparation Site, Commercial Software, and Authorized e-file Provider.

E-Filing Your Tax Return

There are several benefits to e-filing your tax return. E-filing is faster, safer, and more accurate than mailing your tax return because it's transmitted electronically to the IRS computer systems and the IRS doesn't have to sort or transcribe your tax return at its service center. Also, according to the IRS, it can issue refunds to taxpayers in as few as 10 days for those who e-file, compared with 21 days for those who file paper returns.

Who Can E-File Your Tax Return For You?

There are several options available for you to e-file your tax return. You can have an authorized e-file provider, like Far North Tax Service, prepare, transmit, and e-file your return, or you can try e-filing your own tax return. The Internal Revenue Service (IRS) offers several options for e-filing your tax return, including using IRS Free File or Fillable Forms if your adjusted gross income is $73,000 or less.

E-filing you return is the preferred method to file tax returns because its easy, errors are identified and corrected quickly, and you can get you refund faster than if you filed a paper return.

If you have to file a paper return for some reason, Far North Tax Service can do that for you also.