- 1 FBAR (2020)
- 2 FBAR FinCEN Form 114
- 3 FBAR Form
- 4 FBAR Filing
- 5 FBAR Filing Deadline 2020
- 6 FBAR Instructions 2020
- 7 FBAR Reporting
- 8 FBAR Requirements
- 9 FBAR Penalties
- 10 Golding & Golding (Board-Certified Tax Law Specialist)
- 11 Recent Golding & Golding Case Highlights
- 12 Interested in Learning More about Golding & Golding?
FBAR 2020: (Almost) Everything You Need to Know about FBAR
FBAR 2020: The IRS FBAR 2020 filing requirements are finally here. The FBAR is the Foreign Bank Account Reporting Form (aka FinCEN 114). The form is used to report Foreign Bank and Financial Accounts.
The FBAR 2019 form is due April 2020, but is on automatic extension. FBAR reporting is a key enforcement priority, and FBAR reporting requirements can be complicated. The failure to file the FBAR can lead to excessive fines and penalties.
We will summarize the basics for you.
FBAR FinCEN Form 114
FBAR or FinCEN Form 114 is used to report foreign bank and financial accounts. FBAR is not limited to individuals. Entities, Trusts and Estates may also have an FBAR filing requirement. The threshold for filing is when the filer has an “annual aggregate total” of more than $10,000 on any day of the year.
In addition, the FBAR requires more than just bank accounts. FBAR also includes:
- Investment Accounts
- Mutual Funds
- Stock Accounts
- Life Insurance
FBAR is the Foreign Bank and Financial Account Form. The FBAR form must be filed electronically.
FBAR Filing can be complicated, depending on the specific FBAR Filing requirements of the filer. For example, if a person has one savings account in Taiwan, the reporting is not that bad. But, if a person has 50 accounts, life insurance, mutual funds, and foreign life insurance — the FBAR filing may be much more complicated.
FBAR Filing Deadline 2020
The FBAR filing deadline is relatively forgiving. Unless the IRS and FinCEN change the current FBAR filing deadline rules, then the FBAR is due when your tax returns are due (April or June). But, the FBAR is on automatic extension through October.
FBAR Instructions 2020
The FBAR Instructions as provided by the IRS and FinCEN can be dense. Therefore, Golding & Golding have prepared our own FBAR instructions for your reference.
FBAR Reporting is the general term for filing the FBAR. FBAR reporting involves the preparation, analysis and submission of the FBAR.
FBAR requirements can be deceivingly complicated. While the form itself is not overly complex, and the due date is relative clear — the actual FBAR requirements are many. Some accounts may have to reported on the FBAR, which may not be required on other common forms, such as the Form 8938 (signatory accounts with no interest in the account). Likewise, while direct ownership of stock is not required to be included on the FBAR — a stock account may be required.
FBAR penalties: The failure to file the FBAR (or filing the FBAR late) may result in FBAR penalties. FBAR penalties can be broken down into different categories:
- Willful FBAR Penalties
- Non-Willful FBAR Penalties
- Civil FBAR Penalties
- Criminal FBAR Penalties
Golding & Golding (Board-Certified Tax Law Specialist)
Golding & Golding represents clients worldwide in over 70-countries exclusively in Streamlined, Offshore and IRS Voluntary Disclosure matters. We have successfully completed more than 1,000 streamlined and voluntary disclosure submissions.
- Learn more about the Board-Certified Tax Lawyer Specialist credential
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We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants and Financial Professionals worldwide.
Recent Golding & Golding Case Highlights
- We represented a client in an 8-figure disclosure that spanned 7 countries.
- We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
- We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
- We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
- We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
Interested in Learning More about Golding & Golding?
No matter where in the world you reside, our international tax team can get you IRS offshore compliant. Contact our firm today for assistance with getting compliant.
Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver. He has also earned the prestigious IRS Enrolled Agent credential. Mr. Golding's articles have been referenced in such publications as the Washington Post, Forbes, Nolo, and various Law Journals nationwide.