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FBAR, Who Must File it?

Posted by: Zaher Fallahi
Posted On: Oct 12, 2013

United States persons are required to file an FBAR if:

(a)The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and

(b)The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.

United States person means U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

Exceptions to the Reporting Requirement:

Exceptions to the FBAR reporting requirements can be found in the FBAR instructions. There are filing exceptions for the following United States persons or foreign financial accounts:

Certain foreign financial accounts jointly owned by spouses;

United States persons included in a consolidated FBAR;

Correspondent/nostro accounts;

Foreign financial accounts owned by a governmental entity;

Foreign financial accounts owned by an international financial institution;

IRA owners and beneficiaries;

Participants in and beneficiaries of tax-qualified retirement plans;

Certain individuals with signature authority over but no financial interest in a foreign financial account;

Trust beneficiaries (but only if a U.S. person reports the account on an FBAR filed on behalf of the trust); and

Foreign financial accounts maintained on a United States military banking facility.

Review the FBAR instructions for more information on the reporting requirement and on the exceptions to the reporting requirement.

If you need assistance with the IRS representation, tax preparation, tax planning and disclosure of your undeclared foreign bank accounts, please contact the Los Angeles & Orange County Tax Attorney, CPA, Zaher Fallahi, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to taxattorney@zfcpa.com.

Mr. Fallahi has been an exceptional attorney throughout my experience with him. His deep expertise and thorough understanding of OFAC law were evident. He provided clear and insightful guidance that was crucial in my case. Mr. Fallahi's professionalism and commitment to me as his client were truly commendable. He consistently ensured my concerns were addressed promptly and effectively. I highly recommend Mr. Fallahi to anyone seeking expert advice and representation in OFAC matters.
It's been an honor to know Zaher Fallahi, Esq for the past 49 years.He is one of kind in almost everything. His clients and friends are always his priority. In my long life, I have had the chance to be helped by many people. But ZaherFalahi is a distinguished personality that his professionalism helped me to succeed in life.And that's why I never hesitate to refer my family and friends for all their legal and financial matters to him.
I have had the pleasure of knowing attorney Zaher Fallahi for over 10 years in a professional capacity. Zaher is knowledgeable, diligent, capable and a conscientious attorney. Zaher has a strong reputation in his field - International Tax and Undisclosed Foreign Bank Accounts - and is a good person, in general. I highly recommend him for your legal needs.
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