Get What's News In Tax The New Fbar Form Raises A Stir - Kpmg

In this guide, we will provide a comprehensive overview of how to fill out the FBAR form as discussed in the KPMG article. Understanding this process is crucial for taxpayers with foreign financial accounts to comply with regulations and avoid penalties.

Follow the steps to accurately complete the FBAR form online.

1. Click the ‘Get Form’ button to obtain the FBAR form and open it in your preferred editor.
2. Carefully review the instructions provided with the form to understand the requirements for reporting foreign financial accounts.
3. Identify whether you are a U.S. person required to file the FBAR, which includes citizens, residents, and domestic entities, keeping in mind the expanded definition.
4. Gather information about your foreign financial accounts, making sure to account for those where the aggregate value exceeded $10,000 at any time during the calendar year.
5. Complete the personal information section of the form, ensuring that all fields are accurately filled out.
6. List each foreign financial account, providing the required details such as the account number, account type, and maximum value for the reporting year.
7. If applicable, indicate your signature or authority over accounts which are not held in your name but for which you have reporting obligations.
8. Review the completed form for accuracy, ensuring that all required fields are filled and that you have accounted for all relevant accounts.
9. Submit the form by the June 30 deadline for the previous calendar year, ensuring that it is received by the IRS, as extensions are not available.
10. After filing, save any confirmation received, and keep copies of the form and documentation for your records.

Begin filling out your FBAR form online today to ensure compliance and avoid potential penalties.