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Does a Kupat Gemel Account have to be included in the FBAR filing?
Does a Kupat Gemel Account have to be included in the FBAR filing?
According to FBAR filing requirements, all Kupat Gemel accounts should be reported under Part II “Information on Financial Accounts Owned Separately”. On Line 16 where it asks for the type of account, you should check the box that says “Other” and enter the word “pension” for the description.
Does a Keren Hishtalmut account have to be included in the FBAR filing?
Does a Keren Hishtalmut account have to be included in the FBAR filing?
All Keren Hishtalmut accounts should be reported under Part II “Information on Financial Accounts Owned Separately”. On Line 16 where it asks for the type of account, you should check the box that says “Other” and enter the word “pension” for the description.
Does my Israeli pension need to be reported when I file FBAR?
Does my Israeli pension need to be reported when I file FBAR?
Yes, all pension accounts should be reported on the FBAR. The current redeemable value of the pension must be reported on the FBAR under Part II “Information on Financial Accounts Owned Separately”. On Line 16 where it asks for the type of account, you should check the box that says “Other” and enter the word “pension” for the description.
Does my insurance policy have to be reported on the FBAR form?
Does my insurance policy have to be reported on the FBAR form?
If the insurance policy has a cash surrender option (meaning that you can redeem the policy for cash), the value that you can get for the policy as of December 31st should be reported on the FBAR under Part II “Information on Financial Accounts Owned Separately”. On Line 16 where it asks for the type of account, you should check the box that says “Other” and enter the word “pension” for the description.
If both my spouse and I have accounts in a Kupat Gemel, Keren Hishtalmut, insurance, or pension funds, do we have to file an FBAR for each of us?
If both my spouse and I have accounts in a Kupat Gemel, Keren Hishtalmut, insurance, or pension funds, do we have to file an FBAR for each of us?
Yes, each one of you must file a separate FBAR to report your individually owned funds.
If both my spouse and I have to file separate FBAR forms to report individual accounts, do we have to include our jointly owned accounts on both FBAR forms or is it enough to report it on one form?
If both my spouse and I have to file separate FBAR forms to report individual accounts, do we have to include our jointly owned accounts on both FBAR forms or is it enough to report it on one form?
According to the FBAR filing instructions, the jointly owned accounts should be reported on both FBAR forms.
If I own a foreign (i.e. Israeli) company and that company has an account in a foreign (i.e. Israeli) bank, on which section of the form do I report it?
If I own a foreign (i.e. Israeli) company and that company has an account in a foreign (i.e. Israeli) bank, on which section of the form do I report it?
According to FBAR reporting rules, a person who is more than a 50% owner of a foreign company reports his interest in the foreign Company’s foreign bank account in Part II “Information on Financial Accounts Owned Separately”.
If I report the account of my more than 50%-owned foreign company, should I put my name or the company’s name on the line where it asks for the owner's name?
If I report the account of my more than 50%-owned foreign company, should I put my name or the company’s name on the line where it asks for the owner's name?
When filing the FBAR, you should put your name.
What is the due date for filing the FBAR?
What is the due date for filing the FBAR?
The FBAR due date is April 15th, but it is automatically extended until October 15th.
What if my name is on an account I do not benefit from, or the funds are not for my use?
What if my name is on an account I do not benefit from, or the funds are not for my use?
You are considered to have a financial interest in an account if your name is listed on the account. It should be reported in Part III as a joint account.
In which currency is the account value declared?
In which currency is the account value declared?
The account value should be declared in U.S. dollars.
Which exchange rate should be used to convert my account value to U.S. Dollars?
Which exchange rate should be used to convert my account value to U.S. Dollars?
The year-end exchange rate should be used. See the US Treasury Department website for the applicable rate.
Does the value of real estate property owned in a foreign country need to be included in the FBAR?
Does the value of real estate property owned in a foreign country need to be included in the FBAR?
Only non-U.S. financial accounts are to be included in the FBAR. Real estate should not be included.
What happens if you don’t report on FBAR?
What happens if you don’t report on FBAR?
You may be subject to FBAR penalties. See this link for more information.
Who needs to file FBAR?
Who needs to file FBAR?
Anyone with a financial interest in or signature authority over foreign financial accounts exceeding certain thresholds must file an FBAR.
Does the IRS see the FBAR?
Does the IRS see the FBAR?
FBAR Form 114 is a FinCEN and Treasury form, not an IRS form. However, if they find a need for it, the IRS may be able to request and access the information.
Who is exempt from filing an FBAR?
Who is exempt from filing an FBAR?
The FBAR is meant specifically for US people, including green card holders. A non-US person with investments in the US is not required to file an FBAR form.

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Can I submit my tax documents electronically?
Can I submit my tax documents electronically?
Yes, we invest in our electronic systems that allow you to submit documents via our secure portal. We pride ourselves on being at the forefront of technology. If you visit our office, you can rest assured you won't find stacks of documents everywhere.

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