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FBAR Foreign Accounts

FBAR Foreign Accounts

FBAR is the Foreign Bank and Financial Accounts Report, which must be filed electronically with the Department of the Treasury. FBAR is used to disclose your foreign financial accounts. The FBAR filing deadline is April 15th. You will need to report any FBARs that you have not yet filed for previous years by this date. The FBAR must be filed if the aggregate value of your foreign financial accounts exceeds $10,000 at any time during the year.

If you are unsure about FBAR or need assistance filing, get in touch with us. We can help ensure that you meet FBAR requirements and avoid any penalties.

The FBAR filing includes the following types of financial accounts:

  • Foreign Checking Accounts

  • Foreign Savings Account

  • Custodial accounts

  • Stocks and other securities not held in a financial institution

  • Mutual funds and exchange-traded funds (ETFs)

  • Life insurance policies with a cash surrender value

To file an FBAR, you will need the following information

  • Your name, address, and U.S. taxpayer identification number (TIN)

  • The name of the foreign financial institution where the account is located

  • The maximum value of the account during the year

  • The account number

  • The type of account

If you have questions about FBAR or need help filing, contact us. We can help you ensure that you are in compliance with FBAR requirements and avoid any penalties