A FBAR filing is a Report of Foreign Bank and Financial Account (TD F 90-22.1). If you fail to file a FBAR (due June 30th of each year), you may be subject to penalties of up to 50% of the account balance (annually) and a felony (up to 10 years in jail).

Please answer the following three questions:

1. Did you disclose the foreign bank account on your Form 1040?
2. Did you report income from a foreign bank account?
3. Did you file an FBAR for the foreign bank account?

If the answer to any of these questions is no, please contact me for a free consultation. Please submit your inquiries in writing by email to my attention. You may reach me at gsw@gswlaw.com

International investors are subject to annual U.S. income tax compliance filings, if they have a Green Card, or are in the U.S. for 183 days in any one tax year or for 122 days per year, over three tax years.

The following articles explain the FBAR filing in greater depth:

I - Filing

1) FBAR Filings: Amended Tax Returns
2) FBAR Filings: Annual Requirements
3) FBAR Filings: Hedge Funds
4) FBAR Filings: Trusts
5) FBAR Filings: The Element of Control
6) FBAR Filings: Summary
7) FBAR Filings: U.S. Taxpayer Reporting Foreign Life Insurance Policy

II – Penalty

1) FBAR Civil Penalties: Reasonable Cause Exception
2) FBAR Criminal Penalties: Willful Failure to File (Defenses)

III – Financial Interest/Signatory Authority

1) FBAR: Financial Interest/Signatory Authority
2) FBAR: Tax Compliance Issues (U.S. Taxpayer)

IV – IRS Notices (Memo)

1) FBAR: IRS Notice 2009-62 (8/7/09)
2) FBAR: Ownership Attribution Rules (IRC §318)
3) FBAR: Revised TDF 90-22.1 (October 2008)
4) FBAR: IRS FAQ #12 (May 2009)

For more information on FBARs please see IRS website, Report of Foreign Bank and Financial Accounts (FBAR)