General IDEA about IRS FBAR.

Commonly Who has to file FBAR……

The  IRS rule, U.S. persons with a financial interest in, or signature or other authority over, financial accounts in a foreign country that have an aggregate value exceeding $10,000 at any time during the calendar year are required to file the FBAR by June 30 of the following year (subject to limited exceptions).

Although this filing requirement is not new, the IRS has recently made clear that its scope is much broader than previously understood.

Consequences for not filing an FBAR……..

Yes. Criminal penalties for the willful violation of FBAR requirements can, if connected with the violation of another law or if part of a pattern of illegal activity, reach $500,000 and imprisonment for 10 years.

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FBAR filings..........

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.

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Try to be an IRS Tax Mr. Model

Try to be an IRS Tax Mr. Model

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Americans like people who come clean, who step up and admit their mistakes, take their medicine, and move on

US citizens and permanent residents must report their worldwide income to IRS. That’s so even if most of your activity is elsewhere in the world.

We know we must be honest and truthful on our tax returns, but we’re also urged to claim everything we’re entitled to.

You must disclose your foreign accounts on an FBAR. 

The tax penalties for failure to report your worldwide income can be severe, but the penalties for failure to file FBAR forms are far worse.

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The IRS FBAR

The FBAR is not to be filed with the filer's Federal income tax return. The granting, by the IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR. You may not request an extension for filing the FBAR.

This is an indication to all United States citizens, United States residents or domestic entities are need to file the FBAR, for the 2009 and earlier calendar years.

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Why FBAR is needed For AMERICANS

The FBAR rules were established because of the utility of the information required in criminal, tax, and other regulatory matters and in the conduct of intelligence or counterintelligence activities including analysis to protect against international terrorism.
The reports filed as a result of this regulation provide leads to investigators that facilitate the identification and tracking of illicit funds or unreported income, as well as providing additional prosecutorial tools to combat money laundering and other crimes.
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Report to IRS your foriend bank account..............

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Word of WARNING - The FBAR is not new but enforcement is better!!!

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If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account (including private pension savings in a foreign institution), then you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if

1.        The person has financial interest in, signature authority or other authority over one or more accounts in a foreign country, and

2.        The value of the account exceeds $10,000 at any time during the calendar year.

• A United States person is not prohibited from owning foreign accounts. The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions.  The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law.  Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad. 

Filing the FBAR Online:

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