For All of You US Citizens Living Abroad – It’s FBAR Time Again

Who Must File an FBAR

United States persons are required to file an FBAR if:

1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

For the full details and to use the IRS’s free on-line submission form……Go to:

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

PS just so you know one on-line service charges $150 to use their service and submit the FBAR.  So using the above IRS site saves you $150…

FBAR Due June 30th

For those of you who are US citizens and have money in any foreign banks totaling over $10,000 at any time in a calendar year, you are required to file the FBAR.  Go to: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

This year is the first time that you must file online.  You will need Adobe Reader program on your computer. Also, depending upon the browser you use, several hoops need to be jumped prior to you being able to submit the form.

I would suggest that you take a look now.