If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service.
Who must file an FBAR? Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. Failure to file an FBAR when required to do so may potentially result in a fine up to $500,000 and a jail term of up to ten years.
The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
For additional FBAR information contact ABA Tax Accounting. Based in MN, ABA Tax Accounting has been helping clients in Minnesota and surrounding states grow their businesses since 1989. Our significant investment in cloud computing enables us to provide affordable online payroll, bookkeeping, accounting, individual income tax, business tax, international tax, IC-DISC – U.S. export tax incentive and EB-5 Investors Green Card services in ALL 50 states. For Free Consultations call or email.
Amare Berhie, International Tax Advisor
ABA Tax Accounting
Skype id “amareberhie”
G Voice 612-424-1540
Toll free 866-936-0430