Quick pricing estimate on Fbar

[michaelmars]

Got a simple fbar, 1 country 3 accounts.  Mostly curious what H&R would charge?

[Sara EA]

No idea what HRB would charge.  I would charge at least $150, more when I have to do the currency conversions.  You may also have to determine interest, convert it, and add to Sch B or Form 8938, which is another charge.  Get paid for your work.

[Catherine]

I won't do the FBAR filing anymore; preparer penalties are too high. All I'll do is given the fincen site for online filing. Of course, I also make sure no totals are high enough to warrant the 8938, and I include any foreign interest on Sch B and other foreign income on whatever form or schedule is appropriate. 

Were I to do one for a client, minimum would be $150 and maybe more like $200, even for a "simple" FBAR, considering I'm opening myself up to penalties if the info the client gives me is wrong (let alone if I make a mistake). 

[michaelmars]

150-250 sound about right, just wondered what HRB would charge.  Catherine, I think you worry too much about these penalties.  We have had clients face the loss of 50% penalty and another facing jail time but never once were we questioned once we showed the documentation presented to us.

[Sara EA]

I have had the same experience as Michael.  I didn't prepare the original returns though, just fixed the six years the IRS required.  They did question some of the figures I calculated, but I had substantiation (and in some cases explainable inference) and no problems.  Clients didn't have to go to jail but paid much more in penalties than they would have paid in tax if they'd reported correctly all along.  And this was when there was amnesty!

I think many tax pros freak out about penalties.  I've been to enough meetings with IRS agents and liaisons to understand that they don't want to break tax professionals--they do consider us helpers.  They look for patterns of abuse and go after those preparers.  If you have numerous clients with missing FBARs you'll be looked at differently than someone having the one.

[Slippery Pencil]

The FInCen website is a pain in the ass.  The return isn't complicated but the website makes it take three times longer than necessary.  Don't charge less than $200.

[Randall]

17 hours ago, Catherine said:

I won't do the FBAR filing anymore; preparer penalties are too high. All I'll do is given the fincen site for online filing. Of course, I also make sure no totals are high enough to warrant the 8938, and I include any foreign interest on Sch B and other foreign income on whatever form or schedule is appropriate. 

Were I to do one for a client, minimum would be $150 and maybe more like $200, even for a "simple" FBAR, considering I'm opening myself up to penalties if the info the client gives me is wrong (let alone if I make a mistake). 

I don't do them either.  Send the client to the website.  I do the reporting if needed on the return.