{"id":369,"date":"2016-05-25T11:25:30","date_gmt":"2016-05-25T11:25:30","guid":{"rendered":"https:\/\/directcpa.com\/?p=369"},"modified":"2016-05-25T11:39:28","modified_gmt":"2016-05-25T11:39:28","slug":"required-file-foreign-bank-account-report","status":"publish","type":"post","link":"https:\/\/directcpa.com\/pt-br\/required-file-foreign-bank-account-report\/","title":{"rendered":"Are You Required to file a Foreign Bank Account Report?"},"content":{"rendered":"

\"PiggyFor calendar year 2015, the deadline to file a Foreign Bank Account Report (FBAR) is June 30<\/span>st<\/span>, 2016. \u00a0This deadline is a very serious one, failure to file penalties start at $10,000 and can even result in jail time. \u00a0\u00a0Still the question remains. Are you required to file a FBAR?<\/span><\/p>\n

According to the IRS:
\n<\/b>“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, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).<\/span><\/i><\/p>\n

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Who Must File an FBAR
\n<\/i><\/strong>United States persons are required to file an FBAR if:<\/span><\/i><\/p>\n

    \n
  1. 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<\/span><\/i><\/li>\n
  2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.<\/span><\/i><\/li>\n<\/ol>\n

    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.\u201d<\/span><\/i><\/p>\n

    Exceptions to the Reporting Requirement
    \n<\/i><\/b>Exceptions to the FBAR reporting requirements can be found in the <\/span><\/i>FBAR instructions<\/span><\/i>. There are filing exceptions for the following United States persons or foreign financial accounts:<\/span><\/i><\/p>\n