Hi guys, Welcome to the Advanced Video Search Engine, and you are watching FBAR Filing (FinCEN Form 114) : Step By Step Instructions For Foreign Bank Account Reporting 2021. That video is uploaded by Financially Aware at 2021-02-10T09:55:45-08:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [oEE3Y2zzRL4]
| Name | FBAR Filing (FinCEN Form 114) : Step By Step Instructions For Foreign Bank Account Reporting 2021 |
| Video Uploader | Video From Financially Aware |
| Upload Date | This Video Uploaded At 10-02-2021 17:55:45 |
| Video Discription | FBAR filing (FinCEN Form 114) is not that hard and you can do it yourself. I show my own FBAR filing and also explain who needs to file FinCEN Form 114, what are the foreign bank account thresholds for reporting, and what are considered foreign financial accounts and what are not. I also explain if FBAR filing is required for cryptocurrencies like Bitcoin and other crypto. If you are a US citizen and do offshore banking, you may be required to file FinCEN Form 114 for FBAR (Foreign Bank Account Reporting) under the The Foreign Account Tax Compliance Act (FATCA). If you are required to file a FinCEN Form 114, you may also be required to file IRS Form 8938 when you file your taxes. I will show you how to file FinCEN Form 114 online. I will also show you how to calculate the high water mark in your foreign bank accounts and where to get the official foreign exchange rates accepted by FinCEN. Having an offshore bank account is not for tax avoidance. US expats as well as US citizens use offshore banking for completely legitimate reasons. It is not illegal to have an offshore bank account, but it is illegal if you don't file an FBAR when you meet the requirements. Watch this video to see what is considered a foreign bank account and what isn't. Stay @financially aware of the reporting requirements for your offshore bank accounts. Facts about FBAR filing: WHO HAS TO FILE FBAR US Citizen US Resident Corporation Partnership Limited Liability Company Trust and Estate You don’t need to file an FBAR for the calendar year if: All your foreign financial accounts are reported on a consolidated FBAR. All your foreign financial accounts are jointly-owned with your spouse and: You completed and signed FinCEN Form 114a authorizing your spouse to file on your behalf, and your spouse reports the jointly-owned accounts on a timely-filed, signed FBAR. Note: Income tax filing status, such as married-filing-jointly and married-filing-separately has no effect on your qualification for this exception. WHAT AMOUNT IS REPORTABLE A financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported. WHAT ARE CONSIDERED FOREIGN FINANCIAL ACCOUNTS Bank accounts such as savings accounts, checking accounts, and time deposits Securities accounts such as brokerage accounts and securities derivatives or other financial instruments accounts Commodity futures or options accounts Insurance policies with a cash value (such as a whole life insurance policy) Mutual funds or similar pooled funds Any other accounts maintained in a foreign financial institution or with a person performing the services of a financial institution. o Example: A Canadian Registered Retirement Savings Plan (RRSP), Canadian Tax-Free Savings Account (TFSA), Mexican individual retirement accounts (Fondos para el Retiro) and Mexican Administradoras de Fondos para el Retiro (AFORE) are foreign financial accounts reportable on the FBAR. Whether the account produced taxable income has no effect on whether the account is a “foreign financial account” for FBAR purposes. But, you don’t need to report foreign financial accounts that are: Correspondent/Nostro accounts, Owned by a governmental entity, Owned by an international financial institution, Maintained on a United States military banking facility, Held in an individual retirement account (IRA) you own or are beneficiary of, Held in a retirement plan of which you’re a participant or beneficiary, or Part of a trust of which you’re a beneficiary, if a U.S. person (trust, trustee of the trust or agent of the trust) files an FBAR reporting these accounts. WHAT IS NOT A FOREIGN FINANCIAL ACCOUNT Foreign real estate Safe deposit box in a foreign country Precious metals like gold and silver Cash in US Dollars or other currencies Bitcoin and other cryptocurrencies WHEN DO YOU HAVE TO FILE The FBAR is an annual report, due April 15 following the calendar year reported. You’re allowed an automatic extension to October 15 if you fail to meet the FBAR annual due date of April 15. You don’t need to request an extension to file the FBAR. PENALTIES FOR FAILURE TO FILE FBAR Individuals who don’t file an FBAR when required may be subject to civil and criminal penalties. The largest civil penalty for a willful violation of the FBAR requirements is the greater of $124,588 or 50 percent of the balance in the account at the time of the violation. Non-willful violations can result in a penalty as high as $12,459 for each violation. Criminal violations of FBAR rules can result in a fine and/or five years in prison. Disclaimer: I am not an account or tax attorney. Do not take anything in this video as financial or tax advice. This video is for educational purposes only. oEE3Y2zzRL4 |
| Category | Education |
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