This week Morey answers a listener’s question about the FBAR. He talks on why you need to file, who needs to file, and when and how your FBAR forms need to be filed. Monetary penalties can be severe, as well as the possibility of losing your U.S. passport. Morey and the rest of the Glazer Financial team look at hundreds of tax forms every month and keep checklists of compliance requirements. Be sure to listen next week when Morey and Macarena discuss real estate losses and penalties for health insurance.
Key Takeaways:
[1:21] People tend to tense up when talking about their taxes
[1:50] The date for filing the FBAR (form #114) has changed and it must now be e-filed
[3:00] If you have $10,000 for even one day, you must file the FBAR
[4:27] Even if you borrow the money, you must file
[7:00] What exactly is an FBAR?
[7:31] All the banks in the world give information to the IRS
[8:45] What are the penalties by the IRS for not filing the FBAR?
[9:31] Owning gold may still be an applicable account
[10:40] If you lose the money you could possibly write it off
[11:25] You could lose your passport if you are not compliant
[13:19] Glazer Financial has a compliance checklist
[14:06] We look at hundreds of tax returns a month
[14:35] There are rules, when you live offshore, to qualify for tax breaks
[15:27] People think they don’t have to file
[16:05] Next week’s questions are on real estate losses and penalties for health insurance
Mentions:
