While you may be fully aware of your expat tax filing obligations by now, there’s another requirement you should pay attention to: FBAR reporting. FBAR, or Foreign Bank Account Reporting, is required if your foreign financial account balances exceed a certain threshold, and failing to do so can lead to harsh penalties. Here’s what you […]
If you’re an American citizen who has lived overseas for some time, you’re already aware of your requirement to file a tax return with the IRS each year regardless of where your income is earned, what taxes you pay to other countries, or what currency your earnings are in. Filing these tax returns will keep […]
The Foreign Bank Account Reporting requirement, commonly referred as the FBAR, requires United States persons with either financial interest or signature authority over one or more financial accounts outside the US to file an annual informational report on those accounts. United States persons include U.S. citizens, resident aliens, trusts, estates, and domestic entities. Below, we’ve […]
Americans living abroad must file FBAR if they have foreign bank account balances that meet or exceed $10,000 at any point during a calendar year. But when you choose to file jointly with a spouse, how does that impact your FBAR filing? David McKeegan, Co-Founder of Greenback Expat Tax Services explains the situations when you […]
If you have outlying Foreign Bank and Financial Accounts Reports (FBAR) that you have not been able to file, don’t worry! The good news is that there’s a system in place to file FBAR forms from previous years easily from the comfort of your desk. In this post, we’ll show you how. Common Issues with […]
While filing US tax returns is a well-known responsibility of Americans living abroad, requirements such as the Foreign Bank Account Report (FBAR) are often forgotten. What’s the big deal, you ask? Well, failing to file the FBAR can draw the attention of the IRS, and lead to some harsh penalties. To make sure you stay […]
FBAR; FINCEN; FATCA– these are all part of the alphabet soup taxpayers are faced with when trying to decipher their US tax filing obligations. Many expats are left scratching their heads – wondering what each acronym means and if they need to file FBAR, FATCA, or both. Let’s unravel the acronyms together! What is FBAR? […]
While some are unaware of the obligation or choose to ignore it, many US citizens who live abroad are obligated to file an annual report of their foreign bank and financial accounts with the US Department of the Treasury. This report is called the Report of Foreign Bank and Financial Accounts and is commonly referred […]
Most US expats need to file a form annually to report their foreign bank information. This form is referred to as a Foreign Bank Account Report (FBAR). The FBAR form reports foreign (non-US) bank accounts to FinCEN, the Financial Crimes Enforcement Network, an agency of the US Treasury Department. Learn all about this form including if […]
You may be familiar with the FBAR, but do you know which accounts should be reported on an FBAR? Read below to find out the accounts that count, and the accounts that you can skip on this critical filing requirement. FBAR: What Is It? If you are a US citizen or resident who has an […]
