{"id":36,"date":"2024-07-15T15:51:00","date_gmt":"2024-07-15T15:51:00","guid":{"rendered":"https:\/\/www.pjoocpa.com\/blog\/?p=36"},"modified":"2024-07-15T19:53:52","modified_gmt":"2024-07-15T19:53:52","slug":"faq-regarding-fbar","status":"publish","type":"post","link":"https:\/\/www.pjoocpa.com\/blog\/2024\/07\/15\/faq-regarding-fbar\/","title":{"rendered":"FAQ Regarding FBAR"},"content":{"rendered":"\n

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What is the FBAR<\/strong>?<\/p>\n\n\n\n

FBAR is the acronym of Report of Foreign Bank and Financial Accounts, otherwise know as \u2018FBAR\u2019. <\/p>\n\n\n\n

The Bank Secrecy Act (BSA) gave the Department of the Treasury authority to collect information from U. S. persons who have financial interests in or signature or other authority over financial accounts maintained with financial institutions located outside the United States. This provision of the BSA requires that U.S. persons file a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), if the aggregate maximum values of the foreign financial accounts exceed $10,000 at any time during the calendar year.<\/p>\n\n\n\n

Purpose of the FBAR<\/strong><\/p>\n\n\n\n

The FBAR is used by the U.S. government to identify persons who may be using foreign financial accounts to circumvent U.S. law. FBAR information can help identify or trace funds used for illicit purposes or identify unreported income maintained or generated abroad.<\/p>\n\n\n\n

Who Must File the FBAR?<\/strong><\/p>\n\n\n\n

A U.S. person must file an FBAR if they have a financial interest in or signature or other authority over any financial account(s) outside the U.S. and the aggregate amount(s) in the account(s) exceeds $10,000 at any time during the calendar year.<\/p>\n\n\n\n

Who is a U.S. Person?<\/strong><\/p>\n\n\n\n

A \u201cU.S. person\u201d means:<\/p>\n\n\n\n

\u2022 A citizen or resident of the United States;<\/p>\n\n\n\n

(U.S. Resident: To determine if a person is a resident of the United States, apply 183 days during a three-year period)<\/p>\n\n\n\n

\u2022 An entity created, organized, or formed in the United States or under the laws of the United States, any State, the District of Columbia, the Territories and Insular Possessions of the United States, or the Indian Tribes. An \u201centity\u201d includes but is not limited to, a corporation, partnership, trust, and limited liability company; or<\/p>\n\n\n\n

\u2022 An estate formed under the laws of the United States.<\/p>\n\n\n\n