Filing an FBAR
What’s an FBAR?
FBAR stands for Foreign Bank Account Reporting.
What’s is it?
The Foreign Bank Account Reporting is just that; reporting accounts held offshore where the balance of your account is $10,000 or more at any time during the year.
If you have more than one offshore bank account you need to add the highest balances throughout the year from each account together, if the total goes over $10,000 then you need to file an FBAR for each account.
Reporting includes the;
- Name and address of the bank
- Account number
- Highest balance during the year, and
- Names on the account.
Which offshore bank accounts are do I need to include?
- All your personal accounts
- Any account that you have signing authority over
- Business accounts Business bank accounts that you own or have signing authority over
- Foreign Pension accounts
- Stock trading accounts
What's the easiest way to check if I need to file?
- Gather monthly statements for each bank account that you need to include.
- Look through the statements for the highest balance in the tax year and write it down.
- Once you have been through every statement add up the highest balances
- If the total number is over USD $10,000 then you need to file an FBAR.
How do I file?
- Order the Foreign Bank Account Report here https://expattaxonline.com/productPricing
- Login to the tax organizer and complete the FBAR section (step 9)
- Our expat tax specialists will then take care of it all for you.
- You'll be notified once the FBAR has been submitted.