Does filing the FBAR have any effect on my U.S. federal income tax situation?
No really—the FBAR is simply a disclosure form. But if there is any earned interest or dividend on the accounts then that needs to be reported on the Tax filing on the income side.
Can I just file my FBAR with my U.S. tax return?
Technically, the FBAR is filed electronically using a completely separate e-filing system than that used for U.S. tax returns. So it needs to be efiled separately also the deadline is June 30th.
Who is a “U.S. person” for FBAR purposes?
You are a U.S. person for FBAR purposes if you are (i) a U.S. citizen, (ii) a U.S. resident, (iii) an entity (such as a corporation, partnership, or limited liability company, or (iv) a trust or estate formed under the laws of the United States.
What’s a tax amendment?
You file a tax amendment when you make changes or corrections to a filed tax return.
How do I determine the aggregate maximum account value of my non-U.S. financial accounts?
First, determine the highest amount of each account for the relevant year. This is the high-water mark of the account, ie the max amount that you have held in the account at any point during the year, even if just for a second. It doesn’t matter ...
What is the deadline to file individual Federal and State Tax return?
Filing deadline and due date for Federal and State Tax Return is April 15 (if the due date falls on a Saturday, Sunday or legal holiday, you can file on the next day that is not Saturday, Sunday or legal holiday).