New Jersey CPA | Dimov Wasserman CPA

July 31, 2025

NJ CPA with Knowledge of Foreign Income and FBAR Compliance

DIMOV WASSERMAN is a Certified Public Accounting (CPA) firm based in New Jersey, specializing in services such as tax preparation, accounting, and business consulting. The firm serves both individuals and businesses, focusing on personalized, proactive financial strategies to help clients maintain compliance and achieve long-term financial clarity.

Dimov Wasserman CPA

105 Creek Crossing Blvd

Hainesport, NJ 08036

(609) 265-1590

DIMOV WASSERMAN CPA is one of New Jersey’s leading firms for individuals and businesses needing expert support on foreign income reporting and FBAR compliance. Whether you are a U.S. citizen living abroad, a dual resident with overseas assets, or a New Jersey investor holding foreign accounts, the firm’s CPAs are deeply experienced in navigating international tax disclosure rules that are critical for compliance and audit avoidance.

Foreign Income Reporting: What’s Required?

U.S. taxpayers are required to report their worldwide income, regardless of where they live. That means if you earned money overseas—whether through employment, business, or investments—you may need to file additional forms with your federal and state returns. DIMOV WASSERMAN helps clients understand and meet these obligations, including:

  • Form 2555 – To claim the Foreign Earned Income Exclusion
  • Form 1116 – To claim Foreign Tax Credits for taxes paid abroad
  • Schedule B – To disclose interest and dividend income from non-U.S. accounts
  • Form 8938 – FATCA reporting for foreign financial assets over threshold limits

FBAR: FinCEN Form 114 Compliance

The Foreign Bank Account Report (FBAR), officially known as FinCEN Form 114, must be filed if you had $10,000 or more in total across all foreign accounts at any point in the calendar year. DIMOV WASSERMAN provides full-service FBAR preparation and advisory, ensuring timely filing and alignment with IRS rules.

What Counts as a Foreign Account?

  • Foreign bank accounts (checking, savings, CDs)
  • Foreign retirement or pension accounts
  • Foreign mutual funds and brokerage accounts
  • Joint accounts held with non-U.S. persons

Minimizing Risk and Maximizing Compliance

The IRS has significantly increased enforcement of offshore reporting requirements in recent years. Noncompliance—intentional or accidental—can lead to steep penalties. DIMOV WASSERMAN helps NJ clients proactively structure their filings to minimize errors and mitigate audit triggers.

Compliance Safeguards Include:

  • Cross-referencing foreign statements and U.S. filings
  • Reconciling FBAR disclosures with Schedule B and Form 8938
  • Digital retention of foreign documents for audit-readiness
  • Correcting past non-disclosure through the IRS streamlined procedures

FBAR and NJ State Returns

While New Jersey doesn’t real estate tax consulting require FBAR directly, foreign income must still be included on NJ state returns. DIMOV WASSERMAN helps integrate federal and state-level tax filings to ensure alignment—avoiding red flags caused by inconsistencies in reported income across jurisdictions.

Who Needs This Support?

  • Expats working abroad while retaining NJ ties
  • Green card holders or dual citizens with accounts in Europe, Asia, or Latin America
  • Investors in international mutual funds or pension schemes
  • Business owners with overseas subsidiaries or foreign vendor accounts

Tech-Enabled and Global Ready

Clients benefit from encrypted portals and flexible scheduling to accommodate international time zones. Whether you're in Hong Kong, London, or working remotely from Mexico, DIMOV WASSERMAN can gather your documents securely and prepare your filings without geographic limitations.

Conclusion

With stiff penalties and complex rules, foreign income and FBAR compliance is not an area to tackle alone. DIMOV WASSERMAN CPA combines New Jersey tax knowledge with global compliance experience to offer seamless, reliable international tax support. Whether you’re unsure of your FBAR requirements or want peace of mind in reporting your offshore CPA services income, this firm delivers the clarity and compliance you need.