Foreign Accounts & FBARto confirm
U.S. taxpayers report worldwide income, and many also have to report the accounts themselves. If you have a financial interest in, or signature authority over, accounts outside the U.S. and their combined value went over $10,000 at any point in the year, you generally have to file an FBAR (FinCEN Form 114). We sort out which forms apply to you and file them with your return.
What's included
- FBAR (FinCEN Form 114)
- Form 8938, Statement of Specified Foreign Financial Assets
- Foreign income: rent, interest, pensions
- Foreign tax credit (Form 1116) for tax paid abroad
- Reviewing options for years that were not reported
This is for you if
- You have bank, savings or investment accounts in Korea
- You own property or receive rent outside the U.S.
- You were not aware these accounts had to be reported
Questions
When is the FBAR due?
April 15, with an automatic extension to October 15. It is filed electronically with FinCEN, separately from your tax return.
Have a tax question?
Call the office or send a message, and we will get back to you as soon as we can.