Which Accounts Must You Report on an FBAR?
In general, deposit accounts such as checking and savings accounts, investment accounts, and most pension and retirement accounts are FBAR-reportable. Following is a non-exhaustive list of examples:
1. Deposit and custodial accounts held in foreign financial institutions
2. Financial accounts held at a foreign branch of a US financial institution
3. Investment, securities, and brokerage accounts held in a foreign financial institution
4. Foreign mutual funds
5. Foreign accounts and foreign investment assets held by a grantor trust (foreign or domestic) for which you are the grantor
6. Foreign life insurance or annuity contract with a cash surrender value
7. Foreign retirement accounts, including employer-provided pension plans
USCPA Sophie Luo (羅霞) reminds you that if you're obligated to file the FBAR, you must disclose all your own accounts mentioned above even includes those accounts which value are zero.
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
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Read more: Who Must File the FBAR?
Read more: What are the penalties for US taxpayers who failure-to-file and failure-to-pay US taxes?