FAQ: How to File FBAR?
An FBAR must be filed electronically; this can be done through the Financial Crimes Enforcement Network’s BSA E-Filing System. If you are an individual, simply select the “no registration option,” to fulfill your filing obligation. Institutions however must register for the BSA E-Filing System in order to File FBAR. If you would like to paper-file your FBAR a request must be made to the FinCEN’s Regulatory Helpline.
Those obligated to file FBAR forms include United States citizens, residents, corporations, partnerships, limited liability companies, and trust and estates. Also, keep in mind that accounts located outside the United States at financial institutions are foreign financial accounts even if there is no taxable income produced.
If you have a foreign financial account with a balance of $10,000 or more, you must file FBAR forms. This includes the balance of ALL your foreign accounts. So, if you have two accounts with a balance of $5,000 each you will need to file FBAR forms.
What Do You Need to File the FBAR Form?
- Your name and if applicable, the names of all joint account owners.
- Your Social Security Number or ITIN and the SSN or ITIN of all joint account owners.
- Your address and the address of all joint account owners.
- The name of the foreign bank and address.
- Account type – checking, savings, securities, brokerage, deposit, etc.
- The account number for each of your foreign bank accounts.
- The maximum balance for each account during the year. This must be converted to US currency.
As usual, the FBAR annual report is due April 15th. If you fail to file on April 15th then you will receive an automatic extension until October 15th of that same calendar year. You may also receive further extensions if affected by a natural disaster.
Also, check out our blog post Reporting of Gift Taxes involving Non-citizens for more tax information. Learn about taxes on monetary gifts to and from non-citizens and the minimal taxable foreign gift amounts.
If you have more questions about FBAR’s or need guidance with other tax matters, schedule a free consultation with one of our Frost Law attorneys or call 410-671-0741 to speak to an international tax attorney.