Reporting Foreign Bank Accounts (2018) – 5 Important FBAR Facts

Foreign Bank Account Reporting (2018) – 5 Important FBAR Facts Foreign Bank Account Reporting (2018) – 5 Important FBAR Facts by Golding & Golding If you are a US person, and you have bank accounts or other financial accounts abroad or overseas (a.k.a. foreign bank accounts or foreign accounts), you may recently learned, or stumbled upon the acronym FBAR. FBAR FBAR is the Report of Foreign Bank and Financial Account form and it is a very important form. Why?  Because if you have more than $10,000 in annual aggregate total in foreign accounts on any day of the year, you have annual requirement to file the form in that year. Moreover, the IRS is authorized to issue penalties which can range from a warning letter in lieu of penalties all the way up to 100% value of the foreign accounts in a multiyear audit scenario in which the IRS believes you were willful. As you get ready to prepare your FBAR, please keep the following in mind: Who…

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