FBAR Filing | Best Helpful Tips When You File FBAR

FBAR Filing Overview

FBAR filing on the FinCEN Form 114, Report of Foreign Bank and Financial Accounts is required when a U.S. person has a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value greater than $10,000. If a report is required, certain records must also be retained.

FBAR Filing Criteria

In order to determine whether or not there is an FBAR filing requirement, all of the following must apply:

• The filer is a U.S. person
• The U.S. person has a financial account(s)
• The financial account is in a foreign country
• The U.S. person has a financial interest in the account or a signature or other authority over the foreign financial account
• The aggregate amounts in the accounts valued in U.S. dollars exceed $10,000 at any time during the year

Who Is A US Person For FBAR Filing

A U.S. person for the FBAR filing criteria is a resident or citizen of the United States or a person (which can include a corporation, trust or partnership) in, and doing business in, the United States.

What Is A Foreign Financial Account For FBAR Filing

A foreign financial account is generally an account located in a foreign country, which includes all geographic areas located outside the United States. The location of an account, not the nationality of the financial institution with which the account is held, determines whether the account is in a foreign country.

FBAR Filing

The FBAR must be filed for each year that a person has a financial interest in or authority over the foreign financial account when the balance exceeds the $10,000 threshold. The FBAR must be filed on or before June 30 each calendar year and must be filed electronically on the FinCEN Form 114. Unfortunately, extensions of time to file federal tax returns do not extend the time for FBAR filing. There are no extensions of time to file an FBAR.

Our goal at Tax Samaritan is to provide the best counsel, advocacy and personal service for our clients. We are not only tax preparation and representation experts, but strive to become valued business partners. Tax Samaritan is committed to understanding our client’s unique needs; every tax situation is different and requires a personal approach in providing realistic and effective solutions.

Click the button below to request a Tax Preparation Quote today to get started with your FBAR Filing.

Tax Samaritan is a team of Enrolled Agents with over 25 years of experience focusing on US tax preparation and representation. We maintain this tax blog where all articles are written by Enrolled Agents. Our main objective is to educate US taxpayers on their tax responsibilities and the selection of a tax professional. Our articles are also designed to help taxpayers looking to self prepare, providing specific tips and pitfalls to avoid.

When looking for a tax professional, choose carefully. We recommend that you hire a credentialed tax professional such as Tax Samaritan that is an Enrolled Agent (America’s Tax Experts). If you are a US taxpayer overseas, we further recommend that you seek a professional who is experienced in expat tax preparation, like Tax Samaritan (most tax professionals have limited to no experience with the unique tax issues of expat taxpayers).

Randall Brody is an enrolled agent, licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. To attain the enrolled agent designation, candidates must demonstrate expertise in taxation, fulfill continuing education credits and adhere to a stringent code of ethics.

Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.