Foreign Bank Account Reporting
For individuals and businesses who are required to file the report ,we prepare and file the Report of Foreign Bank And Financial Accounts (FinCEN Form 114 - formerly the Form TD F 90.22-1).
Who all are required to file the FBAR?
The FBAR must be filed, if the accounts held more than $10,000 at all or anytime during the year. It makes no difference if the average amount in the accounts during the year is less than $10,000 or if all the money is withdrawn by the end of the year. Additionally, you are required to file an FBAR, if you have any foreign account that has non-monetary assets of more than $10,000, for example, the cash surrender value of a life insurance policy.
What is the due date of the FBAR?
By June 30th of each year, the FBAR must be filed with the IRS by electronically filing it, using the US Department of the Treasury's Financial Crimes Enforcement Network E-Filing System. Important to note! The FBAR must be filed separately, and is not to be filed with your income tax return.