{"id":6241,"date":"2021-08-04T11:54:12","date_gmt":"2021-08-04T11:54:12","guid":{"rendered":"https:\/\/www.expattaxcpas.com\/new\/?page_id=6241"},"modified":"2021-10-11T07:10:09","modified_gmt":"2021-10-11T07:10:09","slug":"foreign-bank-account-reporting","status":"publish","type":"page","link":"https:\/\/www.expattaxcpas.com\/new\/foreign-bank-account-reporting\/","title":{"rendered":"FBAR"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"6241\" class=\"elementor elementor-6241\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c0f8404 elementor-section-content-middle elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"c0f8404\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1b0ab79\" data-id=\"1b0ab79\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-7013975 elementor-section-height-min-height elementor-section-content-middle elementor-section-boxed elementor-section-height-default\" data-id=\"7013975\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-9df697e\" data-id=\"9df697e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bc2a30a animated-slow elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"bc2a30a\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">FBAR<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-345d962 elementor-widget__width-initial elementor-invisible elementor-widget elementor-widget-icon-box\" data-id=\"345d962\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tDepending on your holdings, your foreign financial accounts may need reporting. Most US citizens who own foreign bank or financial accounts have an obligation to file annual Fbars. Failure to file can result in high penalty rates. Avoid unnecessary pressure and get up to date with your Fbar filing with our professional Fbar services.\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ce8fd88 elementor-hidden-mobile elementor-hidden-tablet\" data-id=\"ce8fd88\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cee2ec6 elementor-widget__width-initial elementor-absolute elementor-widget elementor-widget-image\" data-id=\"cee2ec6\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" width=\"200\" height=\"200\" src=\"https:\/\/www.expattaxcpas.com\/new\/wp-content\/uploads\/2021\/06\/income-taxt-resturns-icons-1.svg\" class=\"attachment-full size-full wp-image-4148\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-730334e elementor-widget__width-initial elementor-absolute elementor-widget elementor-widget-html\" data-id=\"730334e\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n    .container{\r\ndisplay: flex;align-items: center;justify-content: center;flex-direction: column; width: 100%; text-align: center; margin: 0% 0;align-items: center;\r\n  \r\n}\r\n\r\n.elipse-i-1{\r\n\t\r\nwidth: 650px;\r\nheight: 650px;\r\nbackground: #FFFFFF;\r\nopacity: 0.05;\r\nbox-shadow: 0px 4px 25px rgba(0, 0, 0, 0.07);\r\n  border-radius:50%;\r\n  \tanimation: pw-elipse 3s infinite linear;\r\n\r\n}\r\n\r\n\r\n@keyframes pw-elipse {\r\n\t0% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n  \r\n\t70% {\r\n\t\ttransform: scale(1);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n\t\r\n\t100% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n}\r\n\r\n<\/style>\r\n\r\n<div class=\"container\">\r\n<div class=\"elipse-i-1\"><\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c3867c elementor-widget__width-initial elementor-absolute elementor-widget elementor-widget-html\" data-id=\"5c3867c\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n    .container{\r\ndisplay: flex;align-items: center;justify-content: center;flex-direction: column; width: 100%; text-align: center; margin: 0% 0;align-items: center;\r\n  \r\n}\r\n\r\n.elipse-i-2{\r\n\t\r\nwidth: 500px;\r\nheight: 500px;\r\nbackground: #FFFFFF;\r\nopacity: 0.05;\r\nbox-shadow: 0px 4px 25px rgba(0, 0, 0, 0.07);\r\n  border-radius:50%;\r\n  \tanimation: pw-elipse 3s infinite linear;\r\n\r\n}\r\n\r\n\r\n@keyframes pw-elipse {\r\n\t0% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n  \r\n\t70% {\r\n\t\ttransform: scale(1);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n\t\r\n\t100% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n}\r\n\r\n<\/style>\r\n\r\n<div class=\"container\">\r\n<div class=\"elipse-i-2\"><\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f21420 elementor-widget__width-initial elementor-absolute elementor-widget elementor-widget-html\" data-id=\"2f21420\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n    .container{\r\ndisplay: flex;align-items: center;justify-content: center;flex-direction: column; width: 100%; text-align: center; margin: 0% 0;align-items: center;\r\n  \r\n}\r\n\r\n.elipse-i-3{\r\n\t\r\nwidth: 350px;\r\nheight: 350px;\r\nbackground: #FFFFFF;\r\nopacity: 0.05;\r\nbox-shadow: 0px 4px 25px rgba(0, 0, 0, 0.07);\r\n  border-radius:50%;\r\n  \tanimation: pw-elipse 3s infinite linear;\r\n\r\n}\r\n\r\n\r\n@keyframes pw-elipse {\r\n\t0% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n  \r\n\t70% {\r\n\t\ttransform: scale(1);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n\t\r\n\t100% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n}\r\n\r\n<\/style>\r\n\r\n<div class=\"container\">\r\n<div class=\"elipse-i-3\"><\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6e30023 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e30023\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-75e7d26\" data-id=\"75e7d26\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-15c0a21 elementor-widget__width-initial elementor-widget-tablet__width-inherit elementor-widget elementor-widget-heading\" data-id=\"15c0a21\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Jump to the topic you are looking for<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aec4c19 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"aec4c19\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#FBAR\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">What is an FBAR?<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9de9924 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"9de9924\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#FBAR2\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Do I have to File an FBAR?<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d2d48dc elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"d2d48dc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#FilingDeadline\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Filing Deadline<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e2e80b5 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"e2e80b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#DelinquentFBARS\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Delinquent FBARs <\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d02b7a6 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"d02b7a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#OurFees\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Our Fees<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e52fcd elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"2e52fcd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#FailuretoFilePenalties\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Failure to File Penalties <\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d5dd254 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"d5dd254\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#FilingLate\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Filing Late<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8eda9d7 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"8eda9d7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#FinancialInterestinanAccount\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Financial Interest in an Account<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ee67f2c elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"ee67f2c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#ReportableAccounts\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Reportable Accounts <\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1442801 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"1442801\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#Accountsnotreportable\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Non-Reportable Accounts <\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb8b487 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"bb8b487\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#JointFBARFiling\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Joint FBAR Filing<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5bd60c0 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"5bd60c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#Additionalinformation\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Additional information<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-97ab318 elementor-section-content-top elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"97ab318\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5190810\" data-id=\"5190810\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8b1e444 elementor-widget elementor-widget-button\" data-id=\"8b1e444\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.expattaxcpas.com\/new\/services#ServicesBlock\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"18\" height=\"18\" viewBox=\"0 0 18 18\" fill=\"none\"><path d=\"M7.37782 3.44032C7.6524 3.16573 8.0976 3.16573 8.37218 3.44032C8.64677 3.7149 8.64677 4.1601 8.37218 4.43468L4.50999 8.29688H15.1875C15.5758 8.29688 15.8906 8.61167 15.8906 9C15.8906 9.38833 15.5758 9.70312 15.1875 9.70312H4.50999L8.37218 13.5653C8.64677 13.8399 8.64677 14.2851 8.37218 14.5597C8.0976 14.8343 7.6524 14.8343 7.37782 14.5597L2.31532 9.49718C2.04073 9.2226 2.04073 8.7774 2.31532 8.50282L7.37782 3.44032Z\" fill=\"#5C5C5C\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Back<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-fffa827\" data-id=\"fffa827\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9c660aa elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"9c660aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>On this page, you\u2019ll learn what the FBAR is, whether or not you\u2019ll need to file an FBAR, how you can file without penalties (even if you\u2019ve never filed an FBAR before), and why it is essential that you file your FBARs immediately.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-37d1fb3 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"37d1fb3\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"FBAR\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is an FBAR (FOREIGN BANK ACCOUNT REPORT)?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f479648 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"f479648\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>FBAR refers to Form 114, Report of Foreign Bank and Financial accounts. This form is filed with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the US Treasury Department.<\/p><p>An FBAR report is used to notify FinCEN of interest in, or signature authority over financial accounts outside of the United States. The FBAR filing requirement is not part of an individual\u2019s tax return filed with the Internal Revenue Service (IRS), also a US Treasury Department bureau. FBAR, Form 114, is filed separately and directly with FinCEN as part of an effort to crackdown on money embezzlement and is for information purposes only.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af7641e elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"af7641e\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"FBAR2\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">DO I HAVE TO FILE AN FBAR?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f84bf64 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"f84bf64\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>You need to file an FBAR if\u00a0all of the following\u00a0are true:<\/p><ul><li>\u00a0You are an American citizen or Green Card holder. You have interest in, or signature authority over a financial account located outside of the United States.<\/li><li>The aggregate value of your foreign financial accounts exceeds $10,000 at any time during the year.\u00a0<\/li><\/ul><p>Importantly, your FBAR report must contain information on all of your accounts which are located outside of the United States (even those with a $0 or negative balance).<\/p><p>An ITIN holder who is not a US resident does not have an FBAR filing requirement.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf475ec elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"cf475ec\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"FilingDeadline\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Filing Deadline<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f06f5f0 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"f06f5f0\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The deadline is April 15th. However, an automatic extension is granted until October 15th each year. Specific requests for an extension are not required.<\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7660428 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"7660428\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"DelinquentFBARS\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Delinquent FBARS<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cd9e224 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"cd9e224\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If you haven\u2019t filed FBARs although you are required to do so you may be hit with serious penalties. Here\u2019s the good news: There is a special program (<a href=\"https:\/\/www.expattaxcpas.com\/new\/streamline-program\/\" target=\"_blank\" rel=\"noopener\">the Streamlined Foreign Offshore Procedures Program<\/a>) which will allow you to come clean with the IRS without incurring any penalties at all. Under the Streamlined Program, you will need to file six years back of FBARs, three years of tax returns, and submit a Certification of non-willful conduct (essentially a statement that you did not purposely evade filing your FBARs and tax returns).<\/p><p>Here\u2019s the bad news: The IRS can decide to end this program at any time, which will leave expats who have not filed their FBARs out in the cold.<\/p><p>If you have been filing tax returns annually but were unaware of your FBAR filing requirements, a different procedure may secure your amnesty. Delinquent FBAR procedures allow you to file your FBARS without incurring penalties, a detailed explanation is required to certify that your failure to file was non- willful.<\/p><p>Hence, if you honestly made the mistake of not fulfilling your FBAR filing duties, please contact us immediately to begin the process.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ce2401b elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"ce2401b\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"OurFees\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Our Fees<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa0e965 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"aa0e965\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table><tbody><tr><td width=\"301\"><p>Up to 5 accounts\u00a0<\/p><\/td><td width=\"301\"><p>$115<\/p><\/td><\/tr><tr><td width=\"301\"><p>6-10 accounts\u00a0<\/p><\/td><td width=\"301\"><p>$155<\/p><\/td><\/tr><tr><td width=\"301\"><p>11 + accounts\u00a0<\/p><\/td><td width=\"301\"><p>$195<\/p><\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f14a072 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"f14a072\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"FailuretoFilePenalties\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Failure to File Penalties <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cda8776 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"cda8776\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If the failure to file was due to a non-willful cause (for example, you did not know about your obligation to file this form), you can face a penalty of up to $10,000 per instance of noncompliance (i.e. for each yearly FBAR not filed). \u00a0If the failure to file was willful, you can face a penalty of the greater of 50% of the total balances in your foreign bank accounts at the time of noncompliance or $100,000. There is a separate penalty for each year in which there was a failure to file. Additionally, the failure to file is considered a criminal offence and can result in criminal proceedings.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca7c75d elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"ca7c75d\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"FilingLate\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Filing Late\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ab14f4 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"6ab14f4\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If you missed the FBAR filing deadline, you might be wondering if you should file late or not file at all. Failure to file an fbar on time can have penalty ramifications. However, we have seen that the risk involved in not filing at all is higher than that involved in filing late. This is a sensitive subject though, and each taxpayer is encouraged to discuss their specific situation with one of our experts.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1847702 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"1847702\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"FinancialInterestinanAccount\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Financial Interest in an Account\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-611bda1 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"611bda1\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If any of the following are true, then you have \u201cFinancial Interest\u201d in the account:<\/p><ul><li aria-level=\"1\">You own the account.<\/li><li aria-level=\"1\">An agent who is acting on your behalf in regard to the account owns the account.<\/li><li aria-level=\"1\">A corporation of which you own more than 50% of the shares or voting power owns the account.<\/li><li aria-level=\"1\">A partnership in which you own more than 50% interest in the partnerships profits or capital owns the account.<\/li><li aria-level=\"1\">A trust of which you are the trust grantor and in which you have an ownership interest for federal tax purposes owns the account.<\/li><li aria-level=\"1\">Any entity of which you own more than 50% of the total value of assets, interest in profits, or voting power owns the account<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd96480 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"fd96480\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"ReportableAccounts\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Reportable Accounts \n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-00174ae elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"00174ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The following accounts need to be reported on the FBAR:<\/p><ul><li aria-level=\"1\">All types of bank accounts<\/li><li aria-level=\"1\">Securities, demand, deposit, and time deposit accounts<\/li><li aria-level=\"1\">Commodity futures or options accounts<\/li><li aria-level=\"1\">Insurance policies that have a cash value<\/li><li aria-level=\"1\">Annuity policies that have a cash value<\/li><li aria-level=\"1\">Shares in a mutual fund or comparable pooled fund<\/li><li aria-level=\"1\">Certain pension funds<\/li><li aria-level=\"1\">Accounts jointly owned with other people<\/li><li aria-level=\"1\">Accounts over which you have signature authority but no financial interest<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5019297 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"5019297\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"Accountsnotreportable\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The following accounts are not reportable on the FBAR: \n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b4af2e1 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"b4af2e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-level=\"1\">Correspondent\/Nostro account<\/li><li aria-level=\"1\">Foreign financial accounts of international financial institutions<\/li><li aria-level=\"1\">Foreign financial accounts of US governmental entities<\/li><li aria-level=\"1\">Foreign financial accounts held by owner or beneficiary of an IRA or tax qualified retirement plans<\/li><li aria-level=\"1\">Financial accounts of financial institutions located on a US military installation.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6de16a2 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"6de16a2\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"JointFBARFiling\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Joint FBAR Filing\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-347550d elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"347550d\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If your accounts are owned jointly with your spouse you might be able to file a joint FBAR: If your spouse\u2019s only foreign accounts are those owned jointly with you, then one FBAR suffices for both of you. In this case, the spouses would need to fill out and sign a Form 114a \u201cRecord of Authorization to Electronically File FBAR\u2019s\u201d. However, if your spouse has financial interest in or signature authority over any account that is not included in your FBAR, then a separate FBAR would have to filed for him\/her.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6fece42 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"6fece42\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"Additionalinformation\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Additional information<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65db107 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"65db107\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>You might need to complete Schedule B, Part III of your tax return indicating that you have an interest in foreign financial accounts and reporting the countries in which each account is located.\u00a0<\/p><p>In addition, you may also have to complete and attach\u00a0Form <a href=\"https:\/\/www.expattaxcpas.com\/new\/foreign-account-tax-reporting\/\" target=\"_blank\" rel=\"noopener\">8938<\/a>\u00a0to your return. Generally, U.S. citizens, resident aliens and certain nonresident aliens must report specified foreign financial assets on this form if the aggregate value of those assets exceeds certain thresholds. To learn more about form 8938 filing requirement, please click here.\u00a0\u00a0<\/p><p>Note that filing the Form 8938 does not replace or otherwise affect your requirement to file FBAR.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>FBAR Depending on your holdings, your foreign financial accounts may need reporting. Most US citizens who own foreign bank or financial accounts have an obligation to file annual Fbars. Failure to file can result in high penalty rates. Avoid unnecessary pressure and get up to date with your Fbar filing with our professional Fbar services. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"nf_dc_page":"","inline_featured_image":false,"footnotes":""},"class_list":["post-6241","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/pages\/6241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/comments?post=6241"}],"version-history":[{"count":5,"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/pages\/6241\/revisions"}],"predecessor-version":[{"id":9187,"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/pages\/6241\/revisions\/9187"}],"wp:attachment":[{"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/media?parent=6241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}