I was required to file an FBAR for a past year but did not do so—what should I do?
To avoid the hefty penalties we just discussed it is best to regularize your FBAR filing at the earliest. So if you were required to file for past years you should do that ASAP, better late than never.
Who must file the FBAR?
You are required to file the FBAR for a calendar year if (i) you are a U.S. person and (ii) during such calendar year you had a financial interest in or signature authority over one or more foreign financial accounts with an aggregate maximum account ...
What information do I need to file the FBAR?
You only need the following information for each account: (i) the account number, (ii) the name and address of the non-U.S. financial institution where the account is maintained, and (iii) the maximum value of the account during the relevant year. ...
Should I still file even if I did not make much money last year?
You should file your tax return even if your total income is below the filing requirement so that you can get a refund on any withheld federal income tax.
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 required to report section 6056?
Businesses that have 50 or more full-time equivalent employees will be required to file information returns about health care coverage with the IRS for all of their full-time employees regardless of whether they provided health insurance to them ...