If You Have Foreign Assets, FBAR May Apply to You

US Taxpayers (both individuals and business entities) are required to report on foreign assets or investments they hold in offshore accounts.  You may be required to eFile what is known as the FBAR directly with a special bureau of the Treasury Department.  As is often the case with tax laws, there are some exceptions to the FBAR rules.

Ask yourself:

• Am I aware of the nature of all my investments, domestic and international?
• Do I have foreign accounts with an aggregate value higher than $10,000 at any time during the calendar year?

Given the diversity of assets that many people hold, we advise against assuming that the FBAR rules don’t apply to you!