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About Pre Time Taxation
Purpose of FBAR
FBAR, or the Foreign Bank Account Report, is a U.S.
Treasury Department form used to report financial interests
in foreign bank accounts. Here's an overview of its key aspects:
- Compliance: FBAR is primarily designed to ensure that U.S. citizens and residents comply with U.S. laws regarding foreign bank accounts and to help prevent tax evasion.
- Financial Transparency: It allows the U.S. government to monitor foreign financial accounts held by American taxpayers.
Who Must File
- U.S. citizens, residents, and certain entities (like corporations and partnerships) must file an FBAR if they have:
- A financial interest in or signature authority over one or more foreign financial accounts.
- A total aggregate value of these accounts that exceeds $10,000 at any time during the calendar year.
Reporting Requirements
- Accounts Covered: FBAR covers various types of foreign accounts, including bank accounts, investment accounts, and certain types of foreign trusts.
- Filing Deadline: The FBAR must be filed electronically through the Financial Crimes Enforcement Network (FinCEN) by April 15 of the following year, with an automatic extension available until October 15
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- consult@pretimetax.com
- 15701 R Plaza, Omaha, NE, USA
- +1 708 765 4040