What Is An FBAR?
The FBAR (Foreign Bank Account Report) is an annually required informational form if you have over $10,000 (or the foreign currency equivalent) combined at any time in all your non-US bank accounts, investment accounts and pension funds-including but not limited to: Keren Pensia, Kupat Gemel and Keren Hishtalmut. If you cross the $10,000 threshold, you must list all accounts, regardless of their value.
The FBAR Form
It is imperative to file this form by the deadline, since late filing of the FBAR may carry a severe penalty. If you have a straightforward FBAR filing, and would like to submit the FBAR on your own, just click on the icon to the right to watch our free step-by-step video explaining how to download, fill out, and submit the FBAR.
For professional assistance with other filings, please contact us.
Facts About FATCA
It is important to note that there is an additional filing requirement due to the FATCA (Foreign Account Tax Compliance Act), Form 8938, for individuals falling within the higher threshold starting at $50,000. This form is an integral part of your individual tax return.