Who Must File an FBAR
United States persons are required to file an FBAR if:
– The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
– The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.
A company formed in the United States is considered a United States person.
All foreign financial accounts with a minimum value of $10,000 or more at any time during the calendar year must be reported.
A financial account includes, but is not limited to, a securities, brokerage, savings, demand, checking, deposit, time deposit, or other account maintained with a financial institution (or other person performing the services of a financial institution). A financial account also includes a commodity futures or options account, an insurance policy with a cash value (such as a whole life insurance policy), an annuity policy with a cash value and shares in a mutual fund or similar pooled fund (i.e., a fund that is available to the general public with a regular net asset value determination and regular redemptions).
You are not required to file the FBAR if your company did not have any Foreign Financial Accounts in 2020, or if the maximum value of the Foreign Financial Accounts at any time during the year 2020 did not exceed $9,999 USD.
The cost for this service is $600 per company, per tax year. Should you wish to proceed with our filing service, we will require by email the following details:
- Company Name
- Federal Tax ID Number of the company (EIN)
- Physical Address of the Company (not our address)
- Maximum value of account during calendar year in USD
- Type of Account
- Name of the Financial Institution in which account is held
- Bank Account Number
- Mailing Address for the Financial Institution
- Name and Title of the person filing on behalf of the company
Once the above details and payment are received, we will send you an authorization form allowing us to file the FBAR electronically. This form can be signed and emailed or faxed back to us.
We would need the payment and completed forms back no later than October 1, 2021 in order to have the FBAR filed before the October 15th deadline.