10 Facts about FBAR

10 Facts about FBAR
Many U.S. expat forget or get confused about FBAR requirement. But it’s important to understand that failure to file the FBAR will lead to penalties and attention of the IRS. We have gathered 10 important facts, which you need to know about FBAR reporting. Our expat tax specialists have helped hundreds of expats to file ...

Form 8938 not required for those non-residents by virtue of a treaty positions

As a way of background, until now, non-residents who didn’t meet the substantial presence test, were exempted individuals (form 8843) or used a closer connection exemption (form 8840) didn’t have to file form 8938 (the FATCA version of the foreign asset reporting, often seen as duplicative version of the FBAR’s Fincen 114). Those who were non-residents by ...

FBAR: Report Foreign Bank Accounts to the Treasury Department

If you hold foreign bank accounts with an aggregate balance across all your accounts greater than $10,000 at any time during the year, then you will need to fill out Treasury Department Fincen 114. This report is separate from your income tax return and should be sent directly to the Treasury Department, not to the IRS. Starting ...

Comparison of FATCA and FBAR rules

Charles Bruce, ACA legal counsel in Washington and specialist in international tax planning, has completed a comparitive study of the subtle differences in the FATCA and FBAR filing rules.  The three-page chart is available here as a pdf file.