The FBAR is not a tax return.
Instead, it is a Treasury information form that is filed with the Treasury.
Taxpayers must file the FBAR if they have a financial interest or signatory authority over financial accounts in foreign countries with an aggregate value exceeding $10,000 at any time during the tax year.
The financial accounts covered by the form include cash accounts, CDs, securities and other financial interests.
The Report of Foreign Bank and Financial Account (TD F90-22.1), commonly referred to as the FBAR, is informational only, and has no direct tax consequence or cost.
However, since U.S. persons are required to report and pay income, and estate and gift tax on worldwide income and assets, the IRS has a keen interest in the information reported on FBARs.
U.S. persons owning or having signatory authority over foreign financial accounts to file a report with the Department of the Treasury disclosing information about the accounts.
If you have more questions on FBAR please click here: www.fbaronline.com
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