Have a foreign bank account? Did you report it to the IRS? What are the implications if you did not report your foreign bank account to the IRS?
Have more such questions please read our FAQ on FBAR.
1. What is an FBAR?
A. An FBAR is a Report of Foreign Bank and Financial Accounts. The form number is TD F 90-22.1 (PDF).
2. Do I need to file an FBAR?
A. Any United States Person* who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.
*United States Person: Refer to the definition of "United States person" found in the July 2000 version of the FBAR. Under this definition, the term "United States person" means (1) a citizen or resident of the United States, (2) a domestic partnership, (3) a domestic corporation, or (4) a domestic estate or trust.
3. In what formats are your templates available?
A. Website templates are available in Photoshop and HTML formats. Fonts are included with Photoshop file. In most
templates HTML is compatible with Adobe GoLive, Macromedia Dreamweaver and Microsoft Frontpage.
4. Can I file my return without registering with the site?
A.No, You need to register with us in order to use our service
5.When is the FBAR due?
A. The FBAR is due by June 30 of the year following the year that the account holder meets the $10,000 threshold. The granting, by IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR. Filers cannot request an extension of the FBAR due date.
If a filer does not have all the available information to file the return by June 30, they should file as complete a return as they can and amend the document when the additional or new information becomes available.
6. Can I keep multiple profiles with single user registration?
A. Yes, you can have multiple profiles with single user registration.
7. How can you prepare FBAR form Online?
A. We are the first and only company to offer FBAR online preparation in a fast, easy and affordable method. FBAR form can be completed in less than 10 minutes using our smart online wizard.
- • Signup on our website WWW.FBARONLINE.COM
- • Use our step by step wizard to complete FBAR form preparation.
- • For further assistance call our support line 410-878-2324 or chat with us.
8. How long does it take to prepare FBAR form online?
A. Preparing your FBAR form online with us takes 10 minutes if you have the information ready. At any point you can save and complete your FBAR form later also if you want
9. Is there a Live Support from FBAR Online for questions about completing the form?
A. Yes, You can get answers to questions concerning the FBAR form by calling 410 878 2324 or chat with us.
10. Do you have an email address to send questions regarding the FBAR?
A. Yes. You can send questions concerning the FBAR to firstname.lastname@example.org
11.How much you charge for preparing FBAR form?
A. The price it stats with $19.90
12. How do I get my forgotten userid/password?
A. Please use "Forgot Password" link at the home page and enter your registered email-id to recover you're Password
13. Can I save my FBAR form and come back after a while to file FBAR?
A. Yes, you can save at any point and come back later to file your FBAR
14. I would like to purchase a template, but it is not available on the site anymore.
A. The template has been sold out for exclusive price. Look for similar templates in our collection!
15. What happens if an account holder is required to file an FBAR and fails to do so?
A. Failure to file an FBAR when required to do so may potentially result in civil penalties, criminal penalties or both. If you learn you were required to file FBARs for earlier years, you should file the delinquent FBAR reports and attach a statement explaining why the reports are filed late. No penalty will be asserted if the IRS determines that the late filings were due to reasonable cause. Keep copies of what you send for your records.
16. What is a foreign country?
A. A "foreign country" includes all geographical areas outside the United States, the commonwealth of Puerto Rico, the commonwealth of the Northern Mariana Islands, and the territories and possessions of the United States (including Guam, American Samoa, and the United States Virgin Islands).
17. Is a single-member LLC, which is a disregarded entity for U.S. tax purposes, a United States person for FBAR purposes?
A. Yes, the tax rules concerning disregarded entities do not apply with respect to the FBAR reporting requirement. FBARs are required under Title 31, not under any provisions of the Internal Revenue Code
18. What constitutes signature or other authority over an account?
A. A person has signature authority over an account if such person can control the disposition of money or other property in it by delivery of a document containing his or her signature (or his or her signature and that of one or more other persons) to the bank or other person with whom the account is maintained.
Other authority exists in a person who can exercise power that is comparable to signature authority over an account by direct communication to the bank or other person with whom the account is maintained, either orally or by some other means
19. Is a U.S. resident with power of attorney on his elderly parents' accounts in Canada required to file an FBAR, even if the resident never exercised the power of attorney?
A. Yes, if the power of attorney gives the U.S. resident signature authority, or other authority comparable to signature authority, over the financial accounts. Whether or not such authority is ever exercised is irrelevant to the FBAR filing requirement.
20. Does FBAR Online supports amendment to a previously filed FBAR?
A. Yes our system supports Amendment to all previously filed FBAR
21.Can cumulative FBAR penalties exceed the amount in a taxpayer's foreign accounts?
A. Yes, under the penalty provisions found in 31 U.S.C. 5314(a)(5), it is possible to assert civil penalties for FBAR violations in amounts that exceed the balance in the foreign financial account.
22. Can I change the pictures on the flash animated website and put my own pictures instead?
A. Yes, you can.
23. How long should account holders retain records of the foreign accounts?
A. Records of accounts required to be reported on an FBAR must be retained for a period of five years. Failure to maintain required records may result in civil penalties, criminal penalties or both.
24. For filing FBARs for prior years, should the current FBAR form be used or should the previous version of the form be used?
A. The current FBAR form (revised in March 2011) may be used to report a financial interest in, or signature or other authority over, financial accounts that were maintained in years prior to 2010. However, since the changes to the current FBAR form reflect a change in the reporting requirements, the instructions for the prior version of the FBAR form (revised in October 2008) may be relied upon for the purpose of determining the filing requirements for properly reporting financial accounts maintained in calendar years prior to 2010..
25. My spouse and I own a joint account. Do we need to file two separate FBAR forms?
A.No, provided that the names and Social Security numbers of the joint owners are fully disclosed on the filed FBAR. A spouse having a joint financial interest in an account with the filing spouse should be included as a joint account owner in Part III of the FBAR. The filer should write "(spouse)" on line 26 after the last name of the joint spousal owner. If the only reportable accounts of the filer's spouse are those reported as joint owners, the filer's spouse need not file a separate report. If the accounts are owned jointly by both spouses, the filer's spouse should also sign the report. It should be noted that if the filer's spouse has a financial interest in other accounts that are not jointly owned with the filer or has signature or other authority over other accounts, the filer's spouse should file a separate report for all accounts including those owned jointly with the other spouse.
26. What if I need my old FBAR form which is not available online with your system?
A. If you want your old FBAR form copies, please call our customer service center.