What Information is Needed? (fill one out for each account)
*Please provide the highest balance in the year, even if the money was only in the account for a split second. For example, you have a Bahamas bank account with $1 on April 1st (which would not trigger an FBAR filing requirement). Then on April 2nd you transfer $100,000 to your Bahamas account. On April 3rd you sent the $100,000 back to the U.S. leaving the balance back at $1. You would still report the highest balance as $100,001 ($100k+the $1) on your FBAR.
Where to file the FBAR?
The form must be filed electronically through the BSA E-FilingSystem website .
Hoppe Tax Comment
The penalty can be devastating. An offshore account with a balance of only $15,000 could generate a penalty in the hundreds of thousands of dollars. Thus,
Questions about your FBAR filing requirement, contact Scott at Hoppe Tax for further guidance.
CPA + Partner at Why Blu