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 qualify have to report their accounts by filing FinCEN Form 114 online. Find out more here.

Filing FBARs Late – What US Expats Need to Know

expat filing fbar late

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

expat taxes bitcoin

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

paul manafort expats

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 bank […]

FBAR Instructions for US Expats Filing FinCEN Form 114

expats instructions 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?

expats with fbar accounts

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 […]

US Expat FBAR Foreign Bank Reporting Requirements and Willfulness

expat filing fbar willfulness

Because the US taxes based on citizenship rather then residence, just like Americans living stateside, expatriates are still required to file a US tax return if they earn over around $10,000, or just $400 of self-employment income. Similarly, they must declare and pay US taxes on their worldwide income, although there are several exclusions that […]

FBAR Filing Date Change for 2017

fbar filing date change

Since 1970, all Americans have been obliged to report their Foreign Financial Accounts, including any they have signatory authority over, if their accounts contain an aggregate total of over $10,000 at any time during a tax year. This filing obligation is commonly known as the Foreign Bank Account Report, or just FBAR. For many years […]