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Foreign Bank and Financial Accounts (FBAR)
According to Bank Secrecy Act, you should report foreign financial accounts like mutual funds, brokerage accounts, and bank accounts to the Treasury Department. You can do this by filing a Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114. A citizen of the United States, including a resident, Limited Liability Company, trust, and estate must file an FBAR. A financial organization located outside the US is considered a foreign financial account.
You will not be required to report foreign financial accounts that are...
- Possessed by a government entity or an international financial institution
- Correspondent accounts
- Funds and cash flow are properly managed
- Managed a US military bank facility
- Held on a retirement plan where you are a beneficiary
- A portion of a Trust wherein you are a beneficiary
You needn’t file an FBAR for the current year if...
- Your financial accounts are reported on a combined FBAR
- Your accounts are joint accounts owned by your spouse
Failing to adhere to the FBAR reporting and recordkeeping regulations, can lead to getting you imposed with civil monetary penalties. You can avoid this by availing timely help from our experienced financial consultant.
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