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:
- 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
- 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.