Okay, we're going to talk about F Bar (Foreign Bank Account Reporting). So, when do they need to be filed? The F Bar is kind of a stepchild, everyone's afterthought, and no one really wants to do it. When people send us their tax information, they forget about the foreign bank account reporting. It has gone from one government agency to another government agency. But the rule for F Bar, when do they need to be filed? It's if the high-water mark of all your accounts outside the U.S. totals more than ten thousand dollars or the equivalent thereof. These are accounts that you control or sign and that you can determine where the money goes to. So, we hear a number of erroneous excuses of why people say they don't need to file an F Bar or foreign bank account reporting. They say no account was over ten thousand dollars. They say, "I just had five thousand dollars that went from Account A to Account B." Or, "The money was just there for one day." Or, "I took a loan out." Another one is, "It's not my money, I don't need to report it." These are all false reasons, and we're going to go through some scenarios here. Scenario one: Person says, "I don't have any accounts over more than ten thousand dollars. I don't need to file, right?" Well, not exactly. They had nine thousand dollars in the checking account and five hundred one in their savings account. If that's all they had, then they would be correct. But they have five hundred dollars in a pension or a mutual fund outside the US. So, yes, they need to file a foreign bank account reporting. Scenario two: Somebody had five thousand dollars in a checking account. They moved it to the...
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Fincen 114 instructions Form: What You Should Know
Fin CEN Form 114a Authorizing Payment of Taxes to the United States Fin CEN Form 114a Authorizing Payment of Taxes to the United States.
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