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The FBAR (Foreign Bank Account Reporting) is only required if you have a financial interest in one or more overseas financial accounts and the total value of all of the financial accounts combined was $10,000 or more during any point during the tax year.
The FBAR (FinCEN Form 114) must be filed electronically with the US Treasury Department (not the IRS) by April 15th. There is an automatic extension of 2 months for US citizens living abroad to June 15th. And this year, an additional automatic extension is available, which extends the due date to October 15th.
You can count on your CPA or IRS Enrolled Agent working directly with you through the FBAR reporting process (and beyond!).
We are experts in filing FBARs for our clients.
We understand the importance of keeping your financial account information safe and secure. We only share information with you (and receive information from you) via a secure private folder, which uses the same security encryption as most banks use.
We make it easy for you to get your FBAR filings done. You will work with the same accountant to file your FBAR as your tax return.
Foreign Bank Account Reporting Cost: $100+ USD
Price covers up to 5 accounts. Each additional 5 account block costs $50.
How do I know if I need to complete the Foreign Bank Account Reporting (FBAR)?
What kinds of foreign financial accounts do I have to declare on my US expat tax return?
In general, any bank or financial account held in a bank located outside of the geographical boundaries of the United States is considered a foreign account, regardless of the nationality of the institution that holds the account. According to the Treasury Department: “The term ‘financial account’ includes any bank, securities, securities derivatives or other financial instruments accounts. Such accounts generally also encompass any accounts in which the assets are held in a commingled fund, and the account owner holds an equity interest in the fund (including mutual funds).” The term also means any savings, demand, checking, deposit, time deposit, or any other account (including debit card, prepaid credit card accounts, and many foreign pension/retirement accounts) maintained with a financial institution or other person engaged in the business of a financial institution.
If my income is below the US tax filing requirement, do I still need to file FBAR or FATCA?
Unfortunately, even if you are making less income than the filing threshold (for 2021, $12,550 for a single individual), you must still file an FBAR if you have had more than $10,000 in your foreign accounts at any point during the year. Remember, this is an aggregate amount for all your foreign accounts.
We’d also recommend reporting for FATCA on a Federal Tax Return if your assets meet the filing threshold, as there is a $10,000 failure to file penalty for those required to submit Form 8938. For single filers, if you have $200,000 or more in specified foreign assets on the last day of the year or more than $300,000 at any point during the year, you must file. If you are filing married jointly, the threshold rises to $400,000 at the end of the year and $600,000 at any point during the year. Filing FATCA will eliminate any negative consequences that could potentially arise from not reporting.
Can I just have Greenback Expat Tax Services prepare my Foreign Bank Account Reporting (FBAR) and do my taxes on my own?
Yes! We understand that some expats prefer to file their own taxes or perhaps have no US filing obligation, but still need to file FBAR. Please contact us if you would like us to file FBAR on your behalf.
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