FBARs are due this week (again). \u00a0Below are the top 4 exceptions we often see for the FBAR filing requirement. \u00a0Certain Accounts Jointly Owned by Spouses – the spouse of an individual who files an FBAR is not required to file a separate FBAR if (1) all the financial accounts that the non-filing spouse is required to report are jointly owned with the filing spouse; (2) the filing spouse reports the jointly owned accounts on a timely filed FBAR electronically signed; and (3) the filers have completed and signed Form 114a, \u201cRecord of Authorization to Electronically File FBAR\u2019s\u201d<\/p>\n
IRA Owners and Beneficiaries – An owner or beneficiary of an IRA is not required to report a foreign financial account held in the IRA
\nParticipants in and Beneficiaries of Tax-Qualified Retirement Plans -A participant in or beneficiary of a retirement plan described in Internal Revenue Code section 401(a), 403(a), or 403(b) is not required to report a foreign financial account held by or on behalf of the retirement plan
\nTrust Beneficiaries – A trust beneficiary with a financial interest described previously is not required to report the trust’s foreign financial accounts on an FBAR if the trust, trustee of the trust, or agent of the trust: (1) is a U.S. person and (2) files an FBAR disclosing the trust’s foreign financial accounts.<\/p>\n
Patel Law Offices has consulted with hundreds of clients regarding their FBAR compliance issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.
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FBARs are due this week (again). \u00a0Below are the top 4 exceptions we often see for the FBAR filing requirement. \u00a0Certain Accounts Jointly Owned by Spouses – the spouse of an individual who files an FBAR is not required to file a separate FBAR if (1) all the financial accounts that the non-filing spouse is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_daextam_enable_autolinks":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[23,24],"class_list":["post-1326","post","type-post","status-publish","format-standard","hentry","category-planning-for-tax-minimization","tag-fbar","tag-foreign-account"],"_links":{"self":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/1326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/comments?post=1326"}],"version-history":[{"count":1,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/1326\/revisions"}],"predecessor-version":[{"id":3979,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/1326\/revisions\/3979"}],"wp:attachment":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/media?parent=1326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/categories?post=1326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/tags?post=1326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}