FBAR & FATCA PROCESSING

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FBAR & FATCA PROCESSING

The Foreign Bank Account Report, or FBAR, is a filing requirement for Americans must fill out if they have more than $10,000 in bank accounts outside of the United States at any time during the year.Although it has existed since 1970, but its enforcement has intensified over recent years as these days the US has increased its focus towards retrieving taxes from US citizens’ money and their investments in abroad.

The FBAR (form 114) FinCEN Form 114 must be filed online while keeping the following information relating to the declared accounts for six years following filing:

  • The account numbers.
  • The name on each account.
  • The types of account.
  • The name and address of the foreign institution(/s) where the accounts are held.
  • The maximum value of each account during the relevant tax year.

If you haven’t filed because you didn’t know that you had to, then come at AO Tax as here we have a team of experts in all matters relating to FBAR filing and the Streamlined Procedure. With clients in over 150 countries, AO Tax is a leading tax services provider. If you have any questions regarding your tax situation, don’t hesitate to get in touch for some advice. We are ready to listen