FBAR Requirement: In simple terms, US Citizens and resident aliens (i.e. anyone filing Form 1040) are required to report Foreign Financial Accounts in FBAR form if Value of their Foreign Financial Accounts (FFA) (including bank, FD, shares, securities, mutual fund, cash value of life insurance, etc.) exceed $10,000 at any time […]

No. Foreign Financial Accounts ^ Reported in FBAR?^ Example* 1 Financial (deposit & custodial) accounts held at foreign financial institutions Yes Account with Indian Bank e.g. Kotak in India 2 Financial account held at a foreign branch of a U.S. financial institution Yes Account with US Bank e.g. Citi Bank in […]

Steps for FBAR Compliance: 1. List investments made in foreign countries and money in foreign accounts/investments 2. Determine which foreign financial accounts to be included for respective filing (FBAR 2) 3. Verify if FBAR is applicable based on filing status and reporting threshold (# 5, 6, 7) 4. Gather information required […]