In addition to filing US tax returns and related information forms, a US person may also be required to submit an FBAR. Severe penalties apply for failure to do so.
United States persons are required to file an FBAR if:
- 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
- The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
Many clients that contact us are up to date with their US taxes but haven’t filed an FBAR. We assist with this by preparing the FBARs and, where possible, submitting them under an amnesty for protection from penalties. Contact us if this is your situation.
You can find more information about filing an FBAR on here: File an FBAR
