FBAR (FinCEN 114)
“I want to stay compliant with U.S. foreign account rules — without risking penalties.”
List of Services
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1. Service OverviewList Item 1
If you are a U.S. citizen, green card holder, or tax resident with financial accounts in Korea, you may be required to file FBAR (FinCEN Form 114) every year.
FBAR is not a tax form — it is a mandatory disclosure to the U.S. Treasury.
Failure to file can result in severe penalties, even when no tax is owed.
Our FBAR service ensures that all your Korean and foreign accounts are properly identified, reported, and filed on time — with full accuracy and compliance.
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2. Common Questions or ConcernsList Item 2
Clients often ask:
- “Do I need to file FBAR if I live in Korea”
- “Do Korean bank accounts count”
- “What about KakaoBank, securities accounts, or pension accounts”
- “What if I only have signature authority”
- “What happens if I missed prior years”
- “What are the penalties for not filing”
These questions are extremely common — and the rules are stricter than most people realize.
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3. What We Do for YouList Item 3
We help you determine whether you must file FBAR and ensure full compliance.
✔ Determine Filing Requirements
- U.S. residency and filing thresholds
- Account ownership vs signature authority
- Joint accounts and family accounts
✔ Identify Reportable Korean Accounts
- Bank accounts (KB, Shinhan, Woori, Hana, KakaoBank, etc.)
- Securities and investment accounts
- Pension accounts (NPS, IRP, retirement accounts)
- Foreign life insurance with cash value
- Corporate accounts you control
✔ Prepare and File FBAR Accurately
- Convert balances to U.S. dollars
- Identify maximum annual balances
- Ensure correct account classification
- File securely through FinCEN
✔ Correct Past Non‑Compliance
- Delinquent FBAR submissions
- Reasonable cause statements
- Coordination with tax returns and FATCA
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4. Our ApproachList Item 4
FBAR compliance requires precision and clarity.
- Accurate classification: We ensure every reportable account is included
- Penalty‑aware: We help you avoid unnecessary exposure
- Clear explanations: You understand what is being filed and why
- Confidential and secure: Sensitive financial data handled with care
- Bilingual support: English and Korean for full clarity
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5. Who Benefits Most
- U.S. residents with Korean bank or investment accounts
- Korean residents with U.S. filing obligations
- Dual citizens and green card holders
- Individuals with signature authority over family or business accounts
- Anyone unsure whether their accounts are reportable
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6. Why Hanmi CPA
FBAR penalties can be severe — but they are completely avoidable with proper guidance.
As a licensed CPA and Enrolled Agent, we ensure your foreign account reporting is accurate, complete, and fully compliant with U.S. Treasury requirements.
Stay Fully Compliant With U.S. Foreign Account Rules
If you want accurate, penalty‑free FBAR filing
We’re here to guide you with confidence.