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What is an FBAR?

Table of Contents

    The FBAR is not a tax return, but an informational report filed with the U.S. Department of Treasury stating that the person filing has a financial interest in, or signatory authority over, financial accounts in a foreign country with an aggregate value exceeding $10,000 at any time during the taxable year. Only U.S. persons are required to file the FBAR.


    There are also numerous exceptions to the FBAR filing requirements which include:

    • Trust Beneficiaries
    • Foreign financial accounts maintained on a U.S. military banking facility
    • Individual Retirement Account owners and beneficiaries
    • Foreign bank accounts owned by a multinational financial institution
    • Foreign financial accounts owned by a government entity
    • Foreign financial accounts jointly owned by spouses where one spouse has already filed a timely FBAR and both spouses sign the FBAR


    The FBAR filing form and general instructions can be found on the IRS website. You may not request an extension for filing the FBAR. The FBAR is an annual report and must be received on or before June 30th by the Department of Treasury.

    Contact my office or call 800.681.1295 to schedule a reduced rate initial consultation to discuss your FBAR and voluntary disclosure concerns and how I can be of assistance. When you call, you will speak directly to me, not a paralegal or assistant, to get the experienced answers you need.


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    Orange County
    2601 Main St. Penthouse Suite
    Irvine, CA 92614
    (949) 681-3502

    Our headquarters is located in Irvine, CA. Our beautiful 19,700 office space is staffed full-time and always available for our clients to meet with our highly qualified and experienced staff of Attorneys, Certified Public Accountants and Enrolled Agents. We also offer virtual consultations and can travel to meet with clients in one of our satellite offices.

    Outside of our 4 hour initial consultation option, we do not charge travel time or travel expenses when traveling to one of our Satellite offices, or surrounding business districts, where it is necessary to meet personally with taxing authority personnel, make court appearances, or any in person meeting deemed necessary for the effective representation of a client. To make this as flexible, efficient, and convenient as possible, David W. Klasing is an Instrument Rated Private Pilot and Utilizes the Firms Cirrus SR22 to service client’s in California and in the Southwest by air. Offices outside these areas are serviced via commercial jet airlines. None of these costs are charged to our clients.

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