F-bar filing requirements
F-BAR – Report of Foreign Bank and financial accounts
Are you obliged to file FBAR in the U.S?
As part of the ongoing effort to prevent money laundering, every American citizen is obliged to report their maximum amounts held if foreign financial accounts if the aggregated amounts exceeded 10,000$.
Type of accounts that must be reported in the FBAR Include the following:
- Bank account.
- Checking account.
- Pension fund.
- Advanced study fund.
- Provident fund.
- Managers insurance.
As part of FBAR filing you must provide the following information:
- The type of account.
- Details of joint members (if relevant).
- Account number.
- The name of the financial institution in which the account is held.
- The address of the financial institution.
- The maximum amount of money held in the account during the tax year.
For your convenience, as soon as you contact us we will send you an excel sheet to help you gather this information. Once you have filed the form it is necessary to send it back to us. If you wish to file the FBAR independently please click here.
FBAR filling date
Up to 2014 the law permitted to file FBAR’s until June 30th of the following year (I.E for the year 2014 you are required to file the FBAR by the June 30th 2015). In order to avoid fines and penalties for filling late, as of now (2016 tax year) you are required to file your FBAR before 0ctober 15, 2017.
- FBAR reporting is not susceptible to taxation. The sole purpose of the FBAR is to prevent money laundering and track money transfers
- American citizens who have signed W-9 forms, provided to them by financial institutions in which they hold accounts in Israel, and have not reported income from those accounts and/or information regarding those accounts, are susceptible to IRS penalties.
- Our company is authorized to file FBAR electronically and we have filed more than 2000 FBAR’s in the past year without any fines or penalties.
The W-9 form allows the financial institutions to pass information regarding accounts held by American citizens to the tax authorities in the US. Therefore, you must file FBAR’s in addition to filling a yearly tax return to the IRS.
*For your convenience we will send an Excel spreadsheet that should assist you with organizing the information required above a once a request is made by you.
Please fax all relevant document to 077-4448773 or scan the documents and email them to email@example.com with the relevant contact information included (please do not send photos or photocopies of the documents).
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Contributing to the Community
Us, at VirtueTax believe that beyond excellence in providing professional services toour clients, we must assist and support those in Israeli society whose fate has not improved.Our vision includes business entities and social entities joining hands together and having a shared sense of drive to promote all aspects of Israeli society. Therefore, we have a deep commitment to both Israelis in need and to voluntary bodies focused on helping them. As part of this mission, the company purchases and delivers essential products to those in need in cooperation with organizations such as the “Association for a Turnaround in Education”. Our additional area of activity focuses on transferring funds as donations to animal shelters such as “Jerusalem loves animals” and “Mateh Yehuda loves animals”. We believe that our active involvement in Israeli society, provides not only an important service to the community, but also improves our professional teams.