I need to file my FBAR as both an individual and owner of a non-US Company. Do I need to submit two separate FBAR's?
You need to file one FBAR as an individual and your company account needs to be reported in the same FBAR itself.
How do I file an FBAR?
As of July 1, 2013, the FinCEN Form 114(a) (commonly known as FBAR) can only be filed electronically using the BSA E-filing System. It can no longer be filed by post.
We can now file your FBAR for you as part of your tax return preparation. Alternatively, you may choose to file it yourself (If you’re one of those rare people who enjoys dealing with U.S. government websites).
The value of my foreign bank account only exceeded $10,000 for one day. Do I still have to file an FBAR?
Even one-day balance surges must be reported, and an FBAR must be filed. Please note that the FBAR is not a tool for assessing your net worth.
The IRS is especially interested in instances where funds were transferred from one account to another.
How many FBARs should two spouses file?
(Assuming that both spouses are US citizens or GC holders)
Is there a way for me to check if my FBAR was filed (like a tax transcript)?
Please call 866-270-0733 for FBAR filing verification.
Hours: M-F 7 a.m.-3 p.m. EST
Callers outside the U.S. should call 313-234-6146 (not a toll-free number).
Alternatively, a verification request may be made in writing. The request should include the filer's name, Taxpayer Identification Number, and the filing period.
There is a $5.00 fee for verifying five or fewer forms and a $1.00 fee for each additional form. If copies are needed, there is an additional fee of $0.15 per copy.
Checks or money orders in USD should be made payable to the United States Treasury. The written request and payment should be mailed to the following address:
IRS Detroit Computing Center, P.O. Box 32063, Detroit, MI 48232 Attn.: Verification
Do I need to report my child's bank account (which has a balance of over $10,000) on my FBAR? Do I need to file a separate FBAR for my child?
If you are listed on the account as a guardian with signatory authority, you must report this account on your FBAR.
If you do not have signatory authority over the account, you do not have to list it on your FBAR.
If your child is a U.S. citizen, you must file an FBAR on their behalf regardless of the child's age and regardless of your signatory authority.
I'm up to date on my taxes but haven't filed FBARs. What should I do?
The U.S. Treasury requires that U.S. Citizens/GC Holders remain current and compliant with FBAR requirements for the last six years. Your options for filing will depend on whether you received unreported interest from foreign bank accounts and whether you are subject to additional reporting requirements.
If all interest from foreign bank accounts was reported on the original returns, file FBAR through the Delinquent FBAR Submission Procedure without amending your tax returns.
If interest from foreign accounts was not reflected on the tax returns, file amended returns and FBAR reports through the Streamlined Foreign Offshore Procedure.
If Form 8938 (Statement of Specified Foreign Assets), aka FATCA, was required but not produced, file amended returns, FATCA, and FBAR reports through the Streamlined Foreign Offshore Procedure.
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