FBAR 101 - Frequently asked questions
Learn about the Foreign Bank and Financial Accounts Report
If the aggregate of your foreign bank and financial accounts exceeds $10 000 even for one day, you have to file the FBAR.
The deadline for filing the FBAR is October 15. For example, you can file your 2020 FBAR until October 15, 2021.
By filing the FBAR, you are informing the Treasury Department about your foreign accounts, this way you are helping them in preventing tax evasion.
You can file your FBAR with MyExpatTaxes and get tax compliant within a few simple steps!
Since FBARS are filed through FinCen and not the IRS, penalties can be as high as $10,000 a year for filing errors or not knowing you had to file.
Fortunately, there is an amnesty option for expats to make up this tax situation. However, you’ll need to use them before the IRS contacts you. The amnesty program is called the Delinquent FBAR Submission Procedures.
How MyExpatTaxes can help.
Get tax compliant in a few easy steps with our DIY Tax Software.
With MyExpatTaxes you can file all the US Expat Tax documents you need at once. Including the FBAR.
We offer different options to help you catch up with the FBAR. talk to our specialists now to find out which one fits you.