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Video instructions and help with filling out and completing irs schedule b form pdf
Welcome to our segment on the f bar and Schedule B the F bar stands for the report of foreign bank and financial accounts essentially this is a report of foreign financial accounts that you have if their value exceeds a certain threshold that threshold being ten thousand dollars so you must report signature authority over or a financial interest in a foreign financial account so let's analyze this sentence a little bit what is a foreign financial account a foreign financial account is basically a bank account a brokerage account it can also be a life insurance policy with a cash value it could be a foreign pension it could be a foreign security deposit so it's a wide net so you really need to review what foreign assets you have to see if they fall within the definition of a foreign financial account if your foreign financial accounts exceed ten thousand dollars you're gonna have an f bar filing requirement so let's go back to the sentence and analyze it a little bit further you have to have signature authority over or a financial interest in a foreign financial account now we've already talked about what a foreign financial account is let's talk about what signature Authority is it's pretty easy right you sign on a foreign financial account you got to report it on your f bar you have to report it even if the accounts not yours even if it doesn't contain your money for example if you work for a foreign employer and you sign on their bank account you have to report your foreign employers bank account so now let's look at what a financial interest is financial interest is basically the account contains your money so let's say for example you are not an American so you have no tax obligations or f bar filing obligations in the United States and I give you $20,000 to put in your foreign bank account for me now I don't sign on the bank account I don't have any access to the account but because your account contains my money I have a financial interest in or account I would have to report your bank account on my f bar even though I don't sign on it also if you have joint accounts with somebody who is either a US person or even a foreign person you have to report the joint owner of the account on the F bar the penalties for failing to file an F bar are pretty steep they start at $10,000 per account per year and can go up to 50 percent of the account per year so after two years of not filing an f bar not reporting an account at 50 percent per year you've basically wiped out the account so it is possible to have f bar penalties that exceed the actual balance in the accounts if you had a failure for you know three or more.