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.
EXCEPTIONS TO THE FBAR FILING REQUIREMENTS
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 FORM
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.
What is an FBAR? was last modified: March 17th, 2016 by David Klasing