I know FBAR to me…  No the FBAR is not an insult it just looks like one.  It is Foreign Bank and Account Reporting, I believe.  Because the IRS reports it as “Report of Foreign Bank and Financial Accounts” which would be FBFA or RFBFA.  SO I will go with my guess.

Who Must File an FBAR?

United States persons are required to file an FBAR if:

  1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

The penalties are huge for not filing.  I encourage everyone to come clean on this issue; otherwise the penalties will exceed the basis.

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