FBAR Filing: When to Do It and How to Do It

 


Don’t get amused if you are hearing this name while filing a Tax return online. FBAR is a Foreign Bank Account Report also known as FinCEN Form 114. So, if you have financial accounts in foreign banks then you need to know everything about FBAR and how to file it legally. 


Condition to file FBAR is to have at least a total of $10,000 in all financial accounts based outside the USA. Remember, its the total amount and not just of the single bank account.

When to file FBAR?

The main objective behind the FBAR from federal government and IRS is to know every financial account detail of a US Citizen living at any corner of the world. Thus, you can file the FBAR report any day on the year. Reporting FBAR once a year is mandatory with 15 April as the deadline in most of the cases.

How to file FBAR?

Just likeincome tax efiling, FBAR filing is a step by step process that includes Form 114. Prepare all the information about your financial bank accounts outside the 50 States of the US. In case your life partner also possesses foreign bank accounts, you need to take care that a joint form can be filled only in case of having joint foreign bank accounts. If your spouse has a different account than yours, then a separate form filling would be needed.

Here are the simple steps to file an FBAR with help of best online tax service of USA Tax Preparation services.

1. Go here and find USATS FBAR filing services
2. Put your details as mentioned in the form. You can take help of the USA Tax Consultant from USATS in the process also.

3. Sit back and relax while USATS files your FBAR with all laws followed

 

Hurray! You are done with the hectic process quickly with USATS.



What if You fail in Filing FBAR?

There are nothing new but very serious consequences when you fail to tell the government about your foreign financial accounts. Penalties follow you everywhere amounting as much as $100,000 in these cases. It is always advised to file your FBAR or take help of trusted firm like USATS in filing it.

USATS provides numerous services for US Citizens. Visit the site here.

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