FBAR compliance

Report of Foreign Bank and financial accounts is very important when a person has a financial interest in or signing authority in a foreign financial account, be it a Bank account, Mutual fund, Other Investments or a Trust.

FBAR reporting has to be done on yearly basis to the IRS.Non-reporting leads to huge civil, criminal and fraud penalties and foreign information return penalties.

Reportable Financial accounts on FBAR are

  • Bank accounts (Savings, Current, FDs, etc.)
  • Securities or Brokerage account
  • Account with a person that acts as a broker or dealer for Futures or Options transactions
  • Account with a person in the business of accepting deposits as a financial agency
  • Insurance or Annuity policy with cash value (LIC / ULIP)
  • PPF / PF
  • Shares in Mutual funds or similar pooled fund
  • Gold kept in a locker provided by the bank

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