If you have a startup with an international parent or subsidiary company, Financial Bank Account Reporting is an important filing that can’t be missed.
What is the FBAR filing?
- FBAR = Foreign Bank Account Reporting
- It’s required by law
- Penalties for unintentional failure to file (or incomplete filing) start at a minimum of $12,000+ per account per year.
- Penalties for intentional failure to file are the greater of $124,000+ or 50% of the balance of the bank account, per account per year.
Who must file?
If the company, or any of the officers of the company, have either a financial interest in or signature authority over a foreign financial account with more than $10,000 at any point in the year, there are annual reporting requirements with very steep penalties if you fail to report.
Where can I file?
You can file your FBAR online through the BSA E-Filing System.
When is the due date?
April 15th of every year.
Vanessa Kruze, a seasoned CPA, has an impressive track record prior to establishing Kruze Consulting. Her experience includes pivotal roles at Deloitte Tax and as a controller for a substantial startup with over 120 employees and $20 million in revenue. Under her leadership, Kruze Consulting has emerged as a distinguished CPA firm, recognized on the Inc 5000 list for five consecutive years, illustrating rapid growth and success in the competitive accounting landscape. Vanessa's unique approach, combining deep industry knowledge with advanced automation and software solutions, has positioned her firm as a leader in providing comprehensive accounting services to startups across the United States.
