Foreign Bank and Financial Accounts

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Foreign Bank and Financial Accounts

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).

 

 Click and Read Foreign Bank and Financial Accounts Here

Who Must File

United States persons are required to file an FBAR if:

  1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States, and
  2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

 

Click and Read Foreign Bank and Financial Accounts Here

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Published by Pat White, EA

Patrick White, Enrolled Agent and Fellow of the National Tax Practitioner Institute is the President of Pat Tax Incorporated located in Baldwin, New York. As an enrolled agent, Pat is empowered by the United States Treasury to represent taxpayers before the Internal Revenue Service. As a Fellow of the National Tax Practitioner Institute, Pat is uniquely prepared to effectively represent his clients before all administrative levels of the IRS.

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