Report of foreign bank and foreign account to FinCen

Los Angeles CA

Description

The law requires owners of foreign financial accounts to report their accounts to the U.S Treasury Department, even if the accounts don’t generate any taxable income. Account owners need to report accounts by the April 15 due date following the calendar year that they own a foreign financial account. The U.S. government requires individuals to report foreign financial accounts because foreign financial institutions may not be subject to the same reporting requirements as domestic ones. Who needs to report: Person with Financial interest in, signature authority or other authority over one or more accounts in a foreign country, and Person with The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year. A U.S. person is a citizen or resident of the United States. Spouses don’t need to file separate FBARs if they complete and sign Form 114a, Record of Authorization to Electronically File FBARs PDF, and: All reportable financial accounts are jointly owned with the filing spouse, and The filing spouse reports the jointly-owned accounts on a timely-filed FBAR. Both spouses must file separate FBARs, and each spouse must report the entire value of the jointly-owned accounts. Generally, individuals filing an FBAR should keep records of accounts that need reporting for five years from the due date of the report. They should keep the: Name on each account, Account number or other designation, Name and address of the foreign bank or other person who keeps the account, Type of account, and Greatest value of each account during the reporting period.