Remember the FBAR!
No, it's not a reminder for law school students or a rallying call for a historical event. FBAR is the acronym for the Report of Foreign Bank and Financial Accounts, a form you have to file each year by June 30 if you have an interest in a foreign bank or brokerage account.
The filing requirement applies to accounts with a combined value of $10,000 or more at any point during the calendar year. Be aware it's the value of the accounts that matters, not how much income, if any, that you receive.
You may also have to file an FBAR if the bank or brokerage holding the account will dispose of the assets based on your signature — even if you never use this power.
As an illustration, say you're a co-signer on the financial account of a relative in a foreign country. Though you may have this "signature authority" simply as a precaution in case of emergency, under present rules you could be required to report information about the account.
In addition to your personal accounts, FBAR regulations extend to estates, trusts, corporations, partnerships, and other businesses, such as your LLC.
Though there is generally no extension available for the FBAR, Treasury has issued relief related to due dates and filing requirements in certain situations. Please call for the latest information.
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