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FBAR stands for Foreign Bank Account Report, and refers to FinCEN Report 114 of Foreign
Bank and Financial Accounts.
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You need to file FBAR if:
- you had a financial interest in or signature authority over at least one financial account
located outside of the United States; and
- the aggregate value of all foreign financial accounts exceeded $10,000 at any time during
the calendar year reported.
- Simply put, if you file a 1040, 1040A or 1040EZ, you are subject to the FBAR
requirements.
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Effective July 1, 2013, the FBAR must be filed electronically through FinCEN’s BSA E-Filing
System.
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When is FBAR reporting
Due?:
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FBAR reporting is due by April 15 each year with an automatic extension to October 15.
Accordingly, specific requests for this extension are not required.
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Can Taxxnet help me file
FBAR ?
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Yes, our CTEC Certified Tax Professional can help you in every step for Filing FBAR
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