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Old 08-27-2017, 08:21 AM
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warce

I am a U.S. citizen employed by a foreign company, in Kuwait, and an authorized signature authority for the company's bank account, in a Kuwaiti bank. I have no interest in the company other than as an employee. Am I required to file a FinCEN Form 114 (FBAR).



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Old 08-27-2017, 08:56 AM
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Originally Posted by warce View Post
I am a U.S. citizen employed by a foreign company, in Kuwait, and an authorized signature authority for the company's bank account, in a Kuwaiti bank. I have no interest in the company other than as an employee. Am I required to file a FinCEN Form 114 (FBAR).
It depends;as a US citizen I mean as a US person, you need to file the form aslongas you had a financial interest in or signature authority over at least one financial account located outside of the US; and the aggregate value of all foreign financial accounts exceeded $10k at any time during the calendar year reported. The FBAR is a calendar year report and must be filed on or before April 15 of the year following the calendar year being reported. Those required to file an FBAR who fail to properly file a complete and correct FBAR may be subject to civil monetary penalties. For penalties that are assessed after August 1, 2016, whose associated violations occurred after November 2,2015, the IRS may assess an inflation-adjusted civil penalty not to exceed $12,459 per violation for non-willful violations that are not due to reasonable cause. For willful violations, the inflation-adjusted penalty may be the greater of $124,588 or 50 % of the balance in the account at the time of the violation, for each violation. Help in completing the FBAR is available Monday through Friday, 8 a.m. to 4:30 p.m. Eastern Time, at 866-270-0733 (toll-free inside the U.S.) or 313-234-6146 (not toll-free, for callers outside the U.S.). Questions regarding the FBAR can be sent to [email protected]. Help with electronic filing questions is available at [email protected] or through the BSA E-Filing Help Desk at 866-346-9478. The E-Filing Help Desk is available Monday through Friday from 8 a.m. to 6 p.m. Eastern Time.



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