Same due date as Form 1040. Do not forget it!

Mar 19, 2020 | FBAR | 0 comments

The Foreign Bank Accounts (FBAR) Report changed from using the TD F 90-22.1 paper form to the online FinCEN Form 114. It is used to report financial interest in or signature authority over foreign financial accounts and is an information return only, so there will be no information on the filer’s tax liability.

All U.S. Citizens and Green Card Holders must file this form if they have financial interest in or signature authority over at least one bank account, brokerage account, mutual fund, trust, and other type of financial account located outside of the United States; and the aggregate amount of the maximum value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
If you file this form by yourself, please upload us a copy, because we might need it to prepare form 8938, included in the Form 1040. You can download our Excel spreadsheet to help you to gather all data needed.
Please remember that we will be more efficient and faster with your FinCEN if you upload the Client’s data Excel spreadsheet in our website and any other document, using our secure encrypted file transfer system of our web – https://ustaxconsultants.es/upload/ –  it is easy and you will be able to follow up the uploaded documents.


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