The Foreign Bank Account Reporting is just that; reporting accounts held off-shore if the balance or aggregate balance is $10,000 or more at any time during
the year. Reporting includes the name and address of the bank, the account number, the highest balance during the year, and the names on the account.
Which offshore bank accounts are do I need to include?
- All your personal accounts
- Any bank account that you have signing authority over, including business accounts
- Business bank accounts that you own or have signing authority over
- Foreign Pension accounts
- Stock trading accounts
What's the easiest way to check if I need to file?
- Gather monthly statements for each bank account that you need to include
- Look through the statements for the highest balance in the tax year and write it down
- Once you have been through every statement add up the highest balances
- If the total number is over USD $10,000 then you need to file an FBAR
How do I file?
- Get in touch and we will take care of everything for you
How much does it cost?
- It depends what other services you are purchasing from us, many packages have FBAR filing included, get in touch for all your tax needs