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.
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.
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.
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 ...
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 ...