- 1 FBAR Reporting
- 2 What is the FBAR Form?
- 3 FinCEN Form 114 aka FinCEN 114 or Form 114
- 4 Who Has to File the FBAR?
- 5 When Is the FBAR Due?
- 6 How do I File the FBAR?
- 7 Which Foreign Accounts do I Report?
- 8 Do I Report Closed Accounts?
- 9 Do I Report Dormant Accounts?
- 10 Do I Report Joint Accounts?
- 11 What if I did not File the FBAR?
- 12 Recent Golding & Golding Case Highlights
- 13 How to Hire Experienced Streamlined Counsel?
- 14 Interested in Learning More about Golding & Golding?
FBAR Reporting: Are You an Owner of a Foreign Account?
FBAR Reporting to the IRS can range from the (relatively simple) to the incredibly complex.
FBAR Reporting: This article will serve as an “introduction” to FBAR Reporting. Our Board-Certified Tax Law Specialist team will provide a basic summary and overview of the process.
What is the FBAR Form?
The FBAR is the Report of Foreign Bank and Financial Account Form. It is used to report foreign accounts to the IRS in any year the filer meets the threshold requirements for filing. The threshold requirements are as follows:
“More than 10,000 in aggregate annual total in foreign accounts on any day of the year.”
FinCEN Form 114 aka FinCEN 114 or Form 114
The FBAR goes by several names. The technical name for the FBAR is the FinCEN Form 114. It is also referred to as FinCEN 114 or Form 114.
FinCEN stands for “Financial Crimes Enforcement Network”
Who Has to File the FBAR?
Any U.S. person with foreign accounts – and who meets the threshold filing requirements – must file the FBAR. Even if the person does not have to file a tax return in a given year, if they meet the FBAR threshold, they still have to FBAR Report.
When Is the FBAR Due?
The FBAR is due on April 15th. But, (currently) the FBAR is on automatic extension through October.
How do I File the FBAR?
The FBAR must be filed online, electronically. The FBAR Form can be found online.
Which Foreign Accounts do I Report?
Nearly all foreign accounts have to be reported.
- Bank Accounts
- Investment Accounts
- Mutual Funds
- Foreign Life Insurance Policies
- Foreign Pension
Do I Report Closed Accounts?
Yes. You report the closed account for the last year it was open. For example, the 2018 FBAR is due in 2019. If the account closed in 2018, you would report the account in 2019, on the 2019 FBAR (which is used to report accounts open in 2018).
Thereafter, the filer does not need to include the closed account on the FBAR.
Do I Report Dormant Accounts?
Yes. That is because a Dormant account is merely inactive – but it is not closed.
Do I Report Joint Accounts?
Yes. You would report the total value of the account, not just your portion.
Because the FBAR is used to report account information per se – not necessarily individual ownership value or percentage of the account.
What if I did not File the FBAR?
Don’t worry, we can help you.
We specialize exclusively in international tax, and specifically IRS offshore disclosure.
We have successfully represented clients in more than 1,000 streamlined and voluntary offshore disclosure submissions nationwide and in over 70-different countries. We have represented thousands of individuals and businesses with international tax problems.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.
- Learn more about the Board-Certified Tax Lawyer Specialist credential
- Learn more about the Enrolled Agent credential
- Learn more about Golding & Golding’s Case Accomplishments
- Learn more about Golding & Golding Testimonials from prior clients
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants and Financial Professionals worldwide.
Less than 1% of Tax Attorneys Nationwide Are Certified Specialists
Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.
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+.
How to Hire Experienced Streamlined Counsel?
Generally, experienced attorneys in this field will have the following credentials/experience:
- Board Certified Tax Law Specialist credential
- Master’s of Tax Law (LL.M.)
- Dually Licensed as an EA (Enrolled Agent) or CPA
- 20-years experience as a practicing attorney
- Extensive litigation, high-stakes audit and trial experience
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.
Golding & Golding specializes in Streamlined Domestic Offshore Procedures. 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.