What is an FBAR?

FBAR stands for ‘Foreign Bank Account Report’, a reporting requirement for Americans who have a total of over $10,000 in foreign financial accounts at any time during a year.

FBAR News

Foreign financial accounts include most kinds of bank and investment accounts. Americans who meet the $10,000 in foreign accounts threshold have to report their accounts by filing FinCEN Form 114 online.

Should Expats Report a Mortgage Account in an FBAR?

Should Expats Report a Mortgage Account in an FBAR?

Americans living abroad are required to file US taxes, reporting their worldwide income.   To avoid paying any US taxes when they file, expats can claim one or more exemptions that the IRS has made available. There are also additional reporting requirements for US expats, notably reporting their foreign financial accounts annually by filing a […]

US Taxes for Expats – FBAR Filing Deadline 2019

US Taxes for Expats – FBAR Filing Deadline 2019

All American citizens and green card holders, including expats, are required to file an annual federal tax return, reporting their worldwide income. Filing a US tax return from abroad as an expat is typically more complex than filing in the US though due to additional filing requirements. For example, the majority of expats can avoid […]

FBAR for Expats – What You Need to Know

FBAR for Expats – What You Need to Know

American expats are fortunate in many ways, not least because living abroad and engaging with another culture is the experience of a lifetime. There is one sense in which US expats are less fortunate though, in that they are required to file US taxes from abroad, reporting their worldwide income, regardless of whether they are […]

What All US Expats Need to Know About Paul Manafort and FBAR

What All US Expats Need to Know About Paul Manafort and FBAR

With President Trump’s former campaign manager Paul Manafort having been found guilty this week of eight out of the eighteen charges that he faced, the acronym FBAR has been in the news again. An FBAR (Foreign Bank Account Report) is an important reporting requirement for Americans with overseas financial accounts, including millions of expats, many […]

Taxes for US Expats – FBAR Due Date and Requirements in 2018

Taxes for US Expats – FBAR Due Date and Requirements in 2018

Filing US taxes from abroad has been a requirement for American expats for around 150 years, however until recently it wasn’t a requirement that the IRS was able to enforce, so many expats didn’t bother. Since the 2010 Foreign Account Tax Compliance Act (often referred to as FATCA) however, the IRS now has access to […]

Taxes for US Expats – How to File an FBAR (FinCEN Form 114)

Taxes for US Expats – How to File an FBAR (FinCEN Form 114)

American citizens and green card holders are required to continue filing US taxes, reporting their worldwide income, after they relocate abroad. This is because the US taxes based on citizenship, rather than on residence like most other countries.   When they file, expats can claim one or more exemptions such as the Foreign Tax Credit […]

FBAR News 2018 – Recent Case May Limit Maximum FBAR Penalties

FBAR News 2018 – Recent Case May Limit Maximum FBAR Penalties

Many expats are surprised and sometimes alarmed to learn that they are still required to file US taxes from abroad, reporting their worldwide income. To prevent double taxation, the IRS has put in place several exemptions that expats can claim when they file, such as the Foreign Tax Credit for expats paying taxes abroad, and […]

Taxes for US Expats – 2018 FBAR Filing Dates and Guidance

Taxes for US Expats – 2018 FBAR Filing Dates and Guidance

All American citizens and green card holders whose annual income exceeds $10,000, or just $400 of self-employment income, are required to file a US tax return every year reporting their worldwide income. Unlike most other countries, the US tax system doesn’t recognize Americans who live abroad as being any different to those who live stateside, […]