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WWW.greenbacktaxservices.com REQUIREMENTS FOR THE FAR AND FORM 8938 A COMPARISON GUIDE for Form 8938 and the FAR It's easy to confuse reporting requirements for Form 8938 the Statement of Specified
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How to fill out requirements for the fbar

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How to fill out the requirements for the FBAR:

01
Determine your filing status: The first step is to identify whether you are an individual or a business entity that needs to file the FBAR. Individuals who have an interest in or signature authority over foreign financial accounts that exceed certain thresholds are required to file the FBAR.
02
Collect the necessary information: Gather all the pertinent information about your foreign financial accounts, such as the account numbers, names and addresses of the financial institutions, and the maximum value of each account during the reporting year.
03
Use the FinCEN Report 114: The FBAR is filed electronically using the Financial Crimes Enforcement Network (FinCEN) Report 114. Visit the official FinCEN website and access the electronic filing system to begin the process.
04
Provide accurate details: Fill out the FBAR form accurately, ensuring that you provide detailed information about each foreign financial account you hold. Double-check your entries to avoid any mistakes or omissions.
05
Ensure compliance with the reporting thresholds: The FBAR filing requirements apply if the aggregate value of your foreign financial accounts exceeded $10,000 at any time during the calendar year. Make sure to accurately calculate and report the maximum value of each account accordingly.
06
File by the deadline: The deadline for FBAR filings is typically April 15th, but there is an automatic extension until October 15th each year. It is important to submit your FBAR form by the applicable deadline to avoid any penalties or non-compliance issues.

Who needs requirements for the FBAR:

01
U.S. citizens and residents: U.S. citizens, including those living abroad, and resident aliens are required to file the FBAR if they meet the specified criteria regarding foreign financial accounts.
02
Foreign nationals with U.S. financial accounts: Foreign individuals who are considered "resident aliens" for U.S. tax purposes must also comply with the FBAR filing requirements if they meet the necessary criteria.
03
Businesses and entities: In addition to individuals, certain business entities, such as corporations, partnerships, and limited liability companies (LLCs), may also need to file the FBAR if they have foreign financial accounts that meet the reporting thresholds.
It is crucial to consult with a tax professional or refer to the official IRS guidelines to ensure compliance with the specific requirements for FBAR filings, as they may vary based on individual circumstances.

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