Posts Tagged ‘Foreign Bank Account’


How to File Your FBAR and Sleep (Well) at Night

The Report of Foreign Bank and Financial Accounts (“FBAR”) Form TD F 90-22.1 is used to report an interest in foreign financial accounts.

 Who Must File

Any U.S. person with a financial interest or signature authority must file an FBAR if the balance in the account exceeded $10,000 during the year. A U.S. person includes a U.S. citizen, U.S. resident and entities like corporations, partnerships, limited liability companies and trusts and estates.

The FBAR must … Continue reading »


How to File Your FBAR and Avoid Huge Penalties

The Report of Foreign Bank and Financial Accounts Form TD F 90-22.1 ("FBAR") is due June 30, 2011.  This form must be filed by a United States person with a financial interest in or signature authority over a foreign financial account if the total value of all of the accounts exceeded $10,000 at any time during the year.  This form is merely an information form.  There is no tax due with this return.


Got a Foreign Bank Account…File Your FBAR!

Taxpayers with foreign accounts have come under fire from the U.S. Government.  Apparently, some people had foreign accounts and they, um…didn't declare the income.  Yikes!


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