Ph:510-825-7563www.sanjivcpa.com. 510-825-7563www.sanjivcpa.com Who Must File FBAR ? Any United States person who has a financial interest in foreign.

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Presentation transcript:

Ph: www.sanjivcpa.com

www.sanjivcpa.com Who Must File FBAR ? Any United States person who has a financial interest in foreign country and Aggregate value of these accounts exceeds $10,000 any time during calender year. This also include businesses Individual Companies or Corp. With accounts in foreign countries also need to file FBAR. Financial Bank Account Reporting FBAR

www.sanjivcpa.com What is FBAR ? Simply a statement of account & balances

www.sanjivcpa.com No, You do not file FBAR with Tax return? Separate Filing, Different Address and Different Deadline

www.sanjivcpa.com Non-Willful Violation Up to $10,000 for each negligent violation Willful Violation Up to $100,000 or 50% of the amount in the account at the time of violation. Criminal Panalties Up to $250,000 or 5 Years or both. IRS is very serious about this ! Penalties for not filing FBAR ?

Ph: www.sanjivcpa.com