Follow Us

FBAR report filing deadline is April 15, 2019

236 Views
You must report accounts you hold in foreign banks and other financial institutions if your total balance across all your accounts is $10,000 or greater at any time during the calendar year.

FBAR reporting deadline is April 15, 2019 this year unless you are filing an extension. If you file an extension then the deadline moves by 6 months. 
 
The FBAR or Foreign Bank Account Report is a very important requirement for all US tax residents. All US citizens and green card holders are responsible to file the report.  

Note that H1B, H4, L1, L2 visa holders may also be required if they meet the Substantial Presence Test (183 days present in the USA according to this formula):
» 31 days minimum presence in tax year for which you are filing taxes;
» then add days present in USA in tax year for which you are filing taxes to 1/3rd of the days in the year prior, then 1/6th of the days present in USA two years prior.

For example
» 2018  - Present 150 days
» 2017 – Present 90 days (1/3 = 30 days)
» 2016 – Present 90 days (1/6 = 15 days)

Total 190 days which is higher than the target of 183 days.  Therefore, it is a requirement to file FBAR  

Fines and penalties for failure to comply is SEVERE as the intent of the rule was to nab terrorists. However, it applies to ALL.  If you missed filing for prior years, please contact a CPA immediately.  Indian banks have started reporting to American Government. Self report immediately

Check with a CPA to protect yourself.  Click here for miindia listing.
Here is the link to efile FBAR»


Copyright © miindia.com.