Webinar FBAR: What U.S. Taxpayers with Foreign Bank Accounts Need to Know
FBAR: What U.S. taxpayers with foreign bank accounts need to know
By Vistra Group
May 12, 2020 | 10am PT / 1pm ET / 5pm London / 10:30am Mumbai
Read more and register HERE.
In today’s global economy, it’s common for U.S. citizens to have income derived outside the U.S., along with bank accounts located in other countries. Most people in this situation understand that they’ll be taxed by the IRS on their worldwide incomes. But many are unaware they must also report foreign bank account information in certain situations.
We're talking about the Report of Foreign Bank and Financial Accounts, or FBAR. The FBAR is a form that must be filed with the Financial Crimes and Enforcement Network (FinCEN) each year. Its purpose is to provide foreign account information to the U.S. Treasury, which uses the data to track illicit funds and prevent the hiding of offshore assets.
Failure to file an FBAR can result in severe penalties— with fines as high as $100,000 or 50 percent of the account balance, whichever is greater —and yet many U.S. citizens with financial assets outside the country are unaware of FBAR’s existence.
In this webinar, our presenters will use real-world examples to explain FBAR in more detail. They'll discuss:
- Who must file
- How and when to file
- Which assets must be reported
- The difference between wilful and non-wilful penalties for noncompliance
- Filing delinquent FBARs
- The difference between FBAR and FATCA