FBAR Requirements

FBAR Requirements

What are the FBAR Requirements for Submission?

FBAR Requirements and what is necessary when submitting FinCEN 114: The FBAR has several requirements for US persons with overseas accounts. The purpose of the FBAR form is for US Persons with foreign accounts to report the information to the IRS and FinCEN. When it comes to the FBAR, completing the form is not necessarily as difficult as it is to determine what needs to be on the form, what the FBAR requirements are — and to make sure the form is filed timely. Let’s go through some of the basics of the FBAR requirements.

Foreign Bank and Financial Account FBAR Requirements

FBAR filing is not limited to just bank accounts. Rather, it includes Foreign Bank and Financial Accounts.

There are many different types of accounts that are required to reported on the FBAR.

Some of the less known accounts, include:

FBAR for Foreign Pension

Foreign Pension accounts are generally considered to be financial accounts, which are included on the FBAR.

Life Insurance & FBAR 

Foreign Life Insurance Policies may also be required to be reported if there is a cash value or surrender value. Noting, it is the cash value and not thebe careful not to fall face value.

Investment Accounts on FBAR

Investment Accounts that involve stocks and other securities, funds, etc. are reportable and required to be included on the FBAR. Depending on the structure of the account will help determine how it is reported.

Account Holder, Joint Holder or Signatory & FBAR Requirements

A person does not have to be the account owner in order to have FBAR requiremenets. Even if a person is merely a signatory and has no actual ownership over the money, the account is still reportable.

Number of Accounts

Generally, the accounts are listed directly on the FinCEN Form 114.

Sometimes, when a taxpayer has more than 25 of a certain category of accounts, they are required to prepare a supplemental sheet instead of submitting the information directly to the IRS on the FBAR.

Institution Name

It is important to identify the institution name when a person completes the FBAR. even if a person does not have the actual account number, it is important to at least identify the institution name so that the information is obtainable if necessary by the IRS.

Institution Address

As the world becomes more Internet based, many foreign financial institutions may not have a brick-and-mortar address.

Therefore, if the institution does not have a formal address, then the account holder should try to at least provide a PO box if available. If not, then the account Holder should provide as accurate information as possible to show that they show due diligence.

Type of Accounts

When completing the FBAR, the FBAR requires the Account Holder to identify whether it is a Bank Account, Securities Account or other — the account holders should do their best to try to provide sufficient information so that the type of account is accurately identified — even if it is the type of account that does not exist in the US.

Maximum Value of Account

Sometimes, depending on the type of account and country location it is just not feasible to obtain the absolute Maximum Account Value. some countries do not provide monthly or annual statements as they do in the United States.

Therefore, if the Account Holder is not able to provide an accurate value or best estimate based on reasonable information that the account holder can identify the box that says maximum account value unknown.

Missed FBAR Requirements Can be Resolved 

In conclusion, while it is important for US persons with Foreign Bank and Financial Accounts to timely report the information annually on the FBAR if they meet the requirements to do so — sometimes deadlines get missed by taxpayers. Whether it is because the Taxpayer was unaware of the deadline or simply missed it — there are various FBAR Amnesty Programs account holders can use to safely get into compliance.

About Our International FBAR & FATCA Law Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure

Contact our firm for assistance with getting compliant.

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