Hi, my name is Dennis Prager. Here at Breaker Tax Law Group, we do one thing and one thing only - we represent clients who have tax problems with the Internal Revenue Service or one of the California state taxing authorities. This includes the Employment Development Department, the Franchise Tax Board, or the State Board of Equalization. This video is part of a multi-part series on foreign bank accounts and foreign bank account reporting. The first thing you need to know is what an F bar is and whether you need to file one or not. An F bar is simply an acronym for foreign bank account report. The F bar is an IRS form, more specifically, a special IRS form called TDF 90 - 22.1. The purpose of the F bar form is to help the IRS track the international flow of money in and out of the United States. By doing this, they aim to reduce tax evasion, track drug smuggling, as well as international terrorism. Up until around 2008, even though the F bar form had been around for many years, most people didn't file them, even though they were required to. The IRS did very little about enforcing the F bar rules. However, in 2008, the IRS went after UBS, an international bank based in Switzerland. They filed criminal proceedings against UBS, and under that threat, UBS agreed to and did turn over the names of approximately 4,500 US individuals who had secret Swiss bank accounts. Now, the question arises - who must file an F bar? Every US citizen and every resident of the United States, including legal residents and even those who are here illegally, are required to file this F bar with the IRS if they have a foreign bank account or other...
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Who must file fincen 114 Form: What You Should Know
Form 114) . If you do not own this reportable account, you will not be required to file a report. To file the FAR as a US corporate entity, you must own shares of the account holder that are reportable U.S. persons and that require the filing of a Fin CEN Form 114. If you file your Fin CEN form, and there is a joint owner where the ownership is an “assignment”, then the Fin CEN form need only be filed for the joint owner. Note: If you do not live in a filing status of a U.S. resident or individual, and you are involved with an account holder, you are considered the owner. This may be a partnership or a corporation. To be a US Person, an entity is needed to hold the entity. Joint Ownership of a Reportable Foreign Bank or Financial Account If you own shares or any other real property of a person that is reportable by a Fin CEN, you do not have to comply with the reporting obligations associated with that account. To avoid reporting, the accounts need to be sold to a third party. FAR must be filed on Fin CEN Form 114. Filing is not required if an entity is involved in the account; e.g., LLC, S Corp. An entity would be required to file Form 114, but the ownership is not reportable. Joint Ownership in an Exempt Entity If you own shares in an exempt account (e.g., pension plan), that entity needs to file Fin CEN Form 114 to be able to qualify. The requirements to be exempt are the same whether a U.S. person owns shares in the exempt entity. The ownership is not reportable. You will not file a Form 114 if you own an account that is reportable by a foreign financial account if the account holder is a U.S. person. These are: Trusts, S Corporations and LCS that are not registered for U.S. federal income tax and that may not have the following characteristics: A financial interest (5% or more) in more than 100 persons or entities; (See List of Account Holders (PDF)). An interest in more than 20 percent of a partnership; (See List of Partnership Interests (PDF)).
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