What you need to know about FBAR

FBAR stands for "Foreign Bank Account Report". FBAR filing refers to FinCen Form 114, Report of Foreign Bank and Financial Accounts.

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Report on Foreign Bank and Financial Accounts

If you are a U.S. "person," you are required to complete and file a report of your foreign bank and financial account - if:

• You had a financial interest in or signature authority over at least 1 financial account located in a foreign country and
• The total value of all foreign financial accounts exceeded over $10,000 at any time during the calendar year that the accounts are to be reported.

U.S. "persons" are:

• U.S. citizens or U.S. residents
• Entities (including, but not limited to, partnerships, corporations, or limited liability companies organized or created in the United States or under U.S. laws)
• Estates or trusts formed under U.S. laws.

In general, you do not have to file a FBAR if the assets are with a U.S. military bank operated by an American financial institution or if combined funds in the account(s) are $10,000 or less during the entire tax year. The following U.S. persons and foreign financial accounts that are exempt from the FBAR are:

• IRA owners and beneficiaries
• Participants in and beneficiaries of tax-qualified retirement plans
• Certain individuals with signature authority over but no financial interest in a foreign financial account
• U.S. persons included in a consolidated foreign bank and financial account report
• Foreign financial accounts owned by a government entity
• Foreign financial accounts owned by an international financial institution
• Correspondent/Nostro accounts
• Foreign financial accounts maintained on a U.S. military banking facility
• Certain foreign financial accounts jointly owned by spouses
• Trust beneficiaries.

It must be filed separately from your Form 1040 by Tax Day, April 18, 2022. When you e-File your Foreign Bank and Financial Account Report - see instructions below - you will receive an acknowledgement from FinCEN that it has been submitted to them. If you do not file your FBAR by April 18, 2022, you will gain an automatic extension to file it by October 17, 2022. This process must be completed if you are a U.S. citizen or resident alien that has a financial interest in or signature authority over at least one overseas financial account and the total value of all foreign financial accounts exceeded over $10,000 at any time during the 2021 Tax Year. The IRS requires you to complete and e-File Form 114, Report of Foreign Bank and Financial Accounts (FBAR), through the Financial Crimes Enforcement Network's (FinCEN) BSA E-Filing System. Form 114 must be filed or e-Filed separately from your Form 1040 by the Tax Deadline, April 18, 2022.

Read it => If you are use filing the FBAR using the "Online" form, use this IRS instructions 

Access it > To File FBAR. BSA  E-Filing System

If you want to more  FBAR filing and its requirement => Follow Frequently Asked Question

Follow  the instructions to  fill the on-line application => Instructions on Completing FBAR User Application Form.

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