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Tax Relief with Timalyn BowensAuthor: America's Favorite EA
Timalyn Bowens is an Enrolled Agent which enables her to represent clients before the IRS in all 50 states. This podcast is for individuals and business owners. It focuses on various tax issues (i.e. tax liens and tax levies), how to avoid them and what happens when you've made a mistake. Timalyn will provide information about handling back taxes, tax relief options and how she can help you or your business by negotiating with the IRS to minimize and/or eliminate tax-related penalties and interest. Disclaimer - This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems but is not legally binding. Please consult your tax professional regarding your specific tax situation. Language: en-us Genres: Business, Education, Entrepreneurship, Self-Improvement Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Report of Foreign Bank and Financial Accounts (FBAR)
Episode 82
Friday, 10 April, 2026
Episode 82: In this episode, Timalyn talks about FinCen Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Within recent years, FinCen has cracked down on those who are willingly not filing their FBAR. The civil penalties for mistakes with the FBAR can range from $500 - $1,000,000+. That is why Timalyn is discussing it today, to help people avoid those penalties. What is the FBAR?The Bank Secrecy Act (BSA) was passed in the 1970s to help stop money laundering. Part of that requires taxpayers to disclose certain foreign financial accounts. This includes bank accounts, brokerage accounts, and mutual funds. These taxpayers are required to do this annually to the Treasury Department on Form 114. Who needs to file the FBAR? Not all taxpayers with foreign accounts are required to file an FBAR. It can be an individual who is a citizen or resident, or an entity such as a partnership, corporation, LLC, Trust, or estate. They have a filing requirement if they meet the following requirements: A financial interest in or signature authority over at least one financial account outside of the United States. The aggregate amount in the account(s) at any time during the calendar year was $10,000 or more. There are some exceptions to these rules that can be found on the FinCen and IRS websites. How do you file the FBAR? You can pay a tax professional to file the FBAR for you or you can file it yourself for free online by using the BSA E-filing system. If you choose to have a tax professional file this form for you, be sure that they have experience with preparing a Form 114. This is a specialized form. If you’d like a tax professional or someone else to prepare this form for you and submit it electronically, you must fill out Form 114a, Record of Authorization to electronically file FBARs. This form is required even if the person filing the form for you is your spouse. When is the FBAR Due?The FBAR is due on April 15th, the same date as your 1040. However, it is not to be filed with your 1040. These forms go to two different areas under the treasury. Your tax return goes to the IRS and your FBAR goes to FinCen. If you miss the April 15th deadline you can get an automatic extension until October 15th, even without requesting it. If you have trouble in the future with your FBAR, you do have the right to representation. A tax professional with Form 2848, Power of Attorney, and Declaration of Representative on file with the IRS can do this for you. Only an Enrolled Agent, such as Timalyn, Certified Public Accountant, or Tax Attorney, can have a Form 2848 and be your tax power of attorney. Need Tax Help Now?If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website. Click this link to book a call.Please consider sharing this episode with your friends and family. This information might be helpful to someone who really needs it. As we conclude Episode 82, we encourage you to connect with Timalyn on social media. You’ll be able to subscribe to this podcast on Spotify, Apple Podcasts, YouTube, and many other podcast platforms. Remember, Timalyn Bowens is America’s Favorite EA, and she’s here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today’s episode.For more information about tax relief options or filing your taxes, visit https://www.Bowenstaxsolutions.com/.If you have any feedback or suggestions for an upcoming episode topic, please submit them here: https://www.americasfavoriteea.com/contact.Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.
