FBAR refers to FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Along with the regular tax filing requirements that everyone else must fulfill, individuals who hold financial accounts in foreign countries must submit additional reports to federal agencies.
There are many mistakes with FBAR filing:
- Many persons are under the mistaken belief that if one has several overseas accounts and a particular account is not over $10,000, then that account does not have to be reported. This is incorrect. Remember, if the highest aggregate value of all of the foreign accounts on any day in the tax year is over $10,000, then all accounts must be reported on the FBAR.
- The common mistakes involve the incorrect notion about filing for an extension and an improper understanding about what must be disclosed on the FBAR.
When it comes to the FBAR, Focus deals with a positive attitude to resolve such mistakes.