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.

How Do I File an FBAR? Everything US Expats Need to Know

How Do I File an FBAR? Everything US Expats Need to Know

The US has a citizenship based taxation system, meaning all US citizens (as well as green card holders) are required to file US taxes, wherever in the world they may reside. This means American expats may find themselves having to file both US taxes as well as foreign taxes in the country where they live. […]

Filing FBARs Late – What US Expats Need to Know

Filing FBARs Late – What US Expats Need to Know

Americans living abroad are required to file a US tax return the same as if they lived in the US, reporting their worldwide income. Fortunately, there are several IRS exemptions such as the Foreign Earned Income Exclusion and the Foreign Tax Credit that they can claim that prevent most expats from paying US tax (although […]

The IRS, US Expat Taxes, and Bitcoin – What You Need to Know

The IRS, US Expat Taxes, and Bitcoin – What You Need to Know

Bitcoin (along with other crypto and virtual currencies) has been in the news over the last few weeks, thanks to its soaring value. Many expats were early adopters and investers in Bitcoin, recognizing its international nature and its convenience for cross-boarder payment transaction. With the recent media attention though, many expats are now seeking a […]

What US Expats can Learn From the Paul Manafort Indictment

What US Expats can Learn From the Paul Manafort Indictment

President Trump’s former campaign manager Paul Manafort, along with his associate Richard Gates, were indicted this week, with a long list of criminal charges filed against them. The charges include engaging in conspiracies against the United States and to launder money, making false statements, acting as an unregistered foreign agent, and failing to report foreign […]

FBAR Instructions for US Expats Filing FinCEN Form 114

FBAR Instructions for US Expats Filing FinCEN Form 114

Americans living abroad are still required to file a US tax return, and furthermore, they may have to report their foreign bank and investment accounts by filing a Foreign Bank Account Report, or FBAR. Due to the 2010 Foreign Account Tax Compliance Act (FATCA), most foreign banks and other financial firms are now reporting their […]

What Sort of Accounts Do US Expats Have to Report in an FBAR?

What Sort of Accounts Do US Expats Have to Report in an FBAR?

The US tax system is different to every other developed country’s, in that America taxes based on citizenship rather than on residence. That means that whereas most countries only tax residents (and non-residents who have income arising in the country), the US taxes all US citizens wherever in the world they live. This means that […]

Foreign Bank Account FBAR Reporting for US Expats

Foreign Bank Account FBAR Reporting for US Expats

All American citizens (including anyone with the right to American citizenship) and green card holders are required to file a US tax return every year and declare their worldwide income, wherever in the world they live. This reporting obligation includes expats, who furthermore may also have to report their foreign bank accounts. Who has to […]

FBAR Filing For US Expats Made Simple

FBAR Filing For US Expats Made Simple

FBAR is an acronym for Foreign Bank Account Report. FBARS are one of the extra filing requirements many US expats face each year. But what exactly are they, who has to file them, and what does filing an FBAR involve? A bit of history Designed to help prevent money laundering, the 1970 Bank Secrecy Act […]