Welcome back, everyone, to another episode of @AskaCPA . Today, we're diving into a topic that often sparks a lot of questions: FBAR filing requirements.
Many Americans have financial accounts (banking, pension, investment, etc.) located outside of the U.S. But did you know that simply having financial assets in foreign accounts might trigger special reporting requirements? It’s true, and the main reporting requirement is known as an FBAR (Report of Foreign Bank and Financial Accounts). The actual form you’d fill out come Tax Day is FinCEN Form 114.
Below, we’ll run through the basics of what you should know about the FBAR, including:
• What is an FBAR?
• Who files an FBAR?
• Filing deadlines
• Penalties for not timely filing
• What if you have never filed an FBAR but should have?
Alright, there is lots of great information in today's video… Let’s get into it.
If you have a question, please head over to our website [ Ссылка ] and leave a question for us.
Thanks for watching!
Connect with Brett Philips, CPA
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Must-read books!!
Small Business Guide to QuickBooks Online - [ Ссылка ]
Launch! - [ Ссылка ]
Music provided by Argofox: A Himitsu - Adventures [ Ссылка ]
#FBAR #expat #foreignbank #askacpa #cpa #llc #limitedliabilitycompany #smallbusiness #tax #taxdeduction #taxsavings #FinCIN #finance
