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Good Afternoon,
I would like to appreciate Naveen who was very helpful though out my contacts with MyTaxFiler regarding my IT filings. All my small to silly questions were answered by him patiently which made me comfortable and at ease. He was very pro-active as well during our discussions as a result i am sort of knowledgeable now. During my first year of filing, it was Prasanna who helped me, even his efforts are truly appreciated. I am totally convinced with the services given by MyTaxfiler and its Team which includes people like Naveen, Sumalatha and Prasanna.

 

Thanks & Regards 
Shiva

Foreign Bank Account Reporting

Foreign Bank and Financial Account Report (in short FBAR) is a form that IRS requires you to file to comply with the requirements of reporting Foreign Bank and Financial Accounts to Tax authorities in United States.

Any United States Person who has a financial interest in or signature authority, or other authority over any financial account in a foreign country AND if the aggregate value of these accounts exceeds US$10,000 at any time during thecalendar year must file a Report of Foreign Bank and Financial Accounts (FBAR).

  • Who is a United States Person?
    • A United States person is a citizen or resident of United States, a domestic partnership, a domestic corporation or a domestic estate or trust.
  • Which country is a foreign country?
    • 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).
  • What qualifies as a Financial Account?
    • A “financial account” includes any bank, securities, securities derivatives or other financial instruments accounts. The term includes any savings, demand, checking, deposit, or any other account maintained with a financial institution.
  • Which form must I file?
    • Form TDF 90-22.1
  • When should we file this form by?
    • This Form needs to be completed and submitted to Internal Revenue Service before June 30th of the succeeding year.
  • Where should a taxpayer file this form?
    • This form needs to be filed with the U.S. Department of Treasury, P.O. Box 32621, Detroit, MI 48232-0621.
  • Should we file this with our tax return?
    • No. The form needs to be filed separately and is not part of the tax return.
  • Should we file this with our tax return?
    • No. The form needs to be filed separately and is not part of the tax return.
  • What if I have more than one account in foreign country?
    • If more than one account is maintained in the foreign account the aggregate value of such accounts is considered for this purpose.

For assistance on FBAR, contact us by writing to sales@globalvalueadd.com.

If you'd like to get additional details, please complete this form, and one of our associates will reach out to you.

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Global Value Add, Inc., Tax Return Preparation, Plano, TX              

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