Report of Foreign Bank and Financial Accounts (FBAR)
The deadline for the FBAR filing is rapidly approaching (June 16th, 2017)!
Who Must File an FBAR
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 to be reported.
United States person means United States citizens; United States 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.
Financial Accounts
All foreign financial accounts with a minimum value of $10,000 or more at any time during the calendar year must be reported. A financial account includes, but is not limited to, a securities, brokerage, savings, demand, checking, deposit, time deposit, or other account maintained with a financial institution (or other person performing the services of a financial institution). A financial account also includes a commodity futures or options account, an insurance policy with a cash value (such as a whole life insurance policy), an annuity policy with a cash value, and shares in a mutual fund or similar pooled fund (i.e., a fund that is available to the general public with a regular net asset value determination and regular redemptions)”.
You are exempt from filing the FBAR if your company did not have any Foreign Financial Accounts in 2016 or if the maximum value of the Foreign Financial Accounts at any time during the year 2016 did not exceed $9,999 USD.
The deadline for the FBAR filing is rapidly approaching (June 16th, 2017)!
Who Must File an FBAR
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 to be reported.
United States person means United States citizens; United States 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.
Financial Accounts
All foreign financial accounts with a minimum value of $10,000 or more at any time during the calendar year must be reported. A financial account includes, but is not limited to, a securities, brokerage, savings, demand, checking, deposit, time deposit, or other account maintained with a financial institution (or other person performing the services of a financial institution). A financial account also includes a commodity futures or options account, an insurance policy with a cash value (such as a whole life insurance policy), an annuity policy with a cash value, and shares in a mutual fund or similar pooled fund (i.e., a fund that is available to the general public with a regular net asset value determination and regular redemptions)”.
You are exempt from filing the FBAR if your company did not have any Foreign Financial Accounts in 2016 or if the maximum value of the Foreign Financial Accounts at any time during the year 2016 did not exceed $9,999 USD.
