Incblog for Entrepreneurs

Covering entrepreneurship and business start up questions for non-residents and US citizens.


May 21 2010

It’s FBAR time again for all US resident persons

by John Gordon | 17:05 GMT

Every US person, including corporation, LLC, trust, partnership or anything or anyone that calls the US home under tax law has an obligation to report bank or financial accounts if the total of these accounts exceeds USD 10,000. The actual terminology used by the IRS is rather convoluted, but if you or your company is US resident, you have to file this form so the IRS can receive it before June 30, 2010. “Accidental” failure to file on time can lead to a $10,000 penalty, and intentional nonfiling can lead to a 50% of your highest account balance or $100,000 penalty.

We’ve put together this year’s edition of the instructions that SHOULD have been provided with the form. Follow this link to download FBAR instructions.



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