FBAR & FATCA

FBAR & FATCA

The Foreign Bank Account Report, or FBAR, is a filing requirement for Americans must fill out if they have more than $10,000 in bank accounts outside of the United States at any time during the year. Although it has been in place since 1970, its enforcement has strengthened in recent years as the US has increased its attention on recovering taxes from US residents’ money and assets overseas.
FBAR
The FBAR (Foreign Bank Account Report) is FinCEN Form 114 must be filed online, and the following information about the stated accounts must be kept for six years after submission.:
The account numbers
  • The name linked with each account.
  • The types of account
  • The foreign institution(s) where the accounts are held, including their name and address
  • The maximum value of each account during the relevant tax year
  • If you haven't filed because you didn't realise you were required to, come to FLASH TAX, where we have a team of professionals who will assist you with all aspects of FBAR filing and the Streamlined Procedure