International wires to a bank account and from a bank account are suspicious to the bank’s compliance department.
Brokerage firms or investment firms, such as Vanguard, will suspend your account if your corporation or LLC has not paid its annual license fee. Often, your account will be blocked (also known as frozen).
If you are making international wires or receiving international wires arrange a meeting with your bank and your CPA before the money is sent or received. Let the bank know your banking needs.
Have your CPA assure your bank that you have filed the IRS international forms. They include the Form 5471 (an information return regarding foreign corporations), the FBAR (the Bank Secrecy Act information return reporting your foreign bank accounts) and Form 3520 reporting foreign gifts or trust distributions.
Blocked Brokerage or Suspend Broker Account
These issues are serious. If the account appears suspicious, then a report is sent to the government. Most Western European countries cooperate with U.S. authorities.
Thus, you want to quickly resolve the issue.
If you need help, then contact me, Brian Dooley, CPA, MBT at 949-939-3414. We will get your corporation (foreign or domestic) in good standing and work with your bank or broker to repair the relationship.
If you delay, that bank or brokerage firm will close your account and mail you a check. In some cases, the bank will refuse to accept the incoming wire transfer. As a result, you can not pay your bills.