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Global Value Add assisted me with incorporating a LLC in Illinois, which was a biggest challenge made easy for an entrepreneur. The proccess was very timely, cost effective, accurate and hassle free. The staff was always available to answer queries and were very helpful. I would definitely recommend their services to others and also use them for future business needs.

 

Jory Lannes
CEO of G.T.B. Services Inc

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 the United States.

Any United States person who has a financial interest, 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 the calendar 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?
    • (Fincen Form 114) earlier know as Form TDF 90-22.1.
  • By when should we file this form?
    • For tax year 2016 the FBARs will be due on April 15 of the following year. 6 months Extension can be requested.
  • Should we file this with our tax return?
    • The FBAR reporting was earlier a manual filing till October 2013, but after October 2013 the FBAR form 114 should be submitted electronically through BSA E-filing System.
  • 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              

Disclaimer : This firm is not a CPA firm or an attorney firm and not a substitute for any of these. Attest, Review, Compilations, and Bookkeeping Services are performed by affiliated registered CPA Firm, Sudhir Pai, CPA PLLC or www.sudhirpaicpa.com. Your access to and use of GVA is subject to the Privacy Policy, and Disclaimer & Terms and Conditions.