What is FBAR (foreign account reporting)?
In short
A Report of Foreign Bank and Financial Accounts (FBAR) must be filed by United States persons with a financial interest in, or signature authority over, foreign financial accounts whose combined value exceeds $10,000 at any time during the year.
Key takeaways
- It is filed electronically with the Treasury's financial crimes network by April 15, with an automatic extension to October 15.
- Penalties for failing to file can be severe, especially if willful.
- It is separate from Form 8938, which some taxpayers file with their income tax return.
Where it's tested
TCP: Multi-Jurisdictional & International Basics — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
A company's only activity in a state is sending sales representatives to solicit orders for tangible goods, which are approved and shipped from outside the state. What protection does Public Law 86-272 provide?