Plano, Texas (PRWEB) July 22, 2013
June 30, the deadline for the filing of the Report of Foreign Bank and Financial Accounts or FBAR to the IRS, is fast approaching. Sam Thakkar of Perfect Tax states, "Any U.S. resident with an aggregate balance of $10K has to file a FBAR by the 28th of June instead of the 30th as the latter date falls on a weekend. Failure to do so can lead to heavy financial penalties, criminal prosecution, and seizure of property."
Consider these 10 rules for filing a FBAR:
1. Worldwide income must be reported on the taxpayer's U.S. tax return if he or she is a U.S. resident. These include H1, L1, green card holders, citizens, and those with dual citizenship.
If the taxpayer has an interest in a foreign bank or financial account, the individual must see to it that it is reflected in Schedule B of the 1040 Tax Return, even if he or she has lived outside the U.S.
Click here to know more about a FBAR Amnesty
2. All U.S. persons with foreign bank accounts exceeding a deposited amount of $10,000 at any time during the year must file a FBAR every 30th of June.
These include following assets:
- Stocks/demat accounts
- Mutual funds
- Life insurance policies
- Join accounts with parents, siblings or anyone
- Rental property value or any other income producing asset
June 30th deadline for FBAR
3. With a tax return, the taxpayer also needs to file an IRS Form 8938 to report foreign accounts and assets.
Click here to know about FBAR vs. 8938 and on what should be filed<
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