Who Must File the FBAR?
According to the US Bank Secrecy Act, since 2009, The United States person: including US citizens, residents, companies, trusts, and estates, must report FBAR to the US government if they meet both of the following conditions:
1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. The aggregate maximum value of all foreign financial accounts exceeded $10,000 at any time during the calendar year (1/1 to 12/31) to be reported.
Those required to file an FBAR should report to the Department of Treasury before April 15 of each year. However, if the FBAR filer does not submit a report before April 15, an automatic extension is allowed until October 15.
The USCPA Sophie Luo (羅霞) reminds you that a failure to file an FBAR when required to do so may result in civil penalties, criminal penalties, or both
If you want to know more about how to made in conjunction with an IRS compliance program, please contact us at the USCPA Sophie Luo (羅霞) +886 4 22520309
or E-mail: ustaxproservice@gmail.com Also welcome to visit our website:https://www.ustaxproservice.com
(Ustax Service LLC)