Foreign Taxes - TAX PRO SOLUTIONS, INC.

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FOREIGN TAXES

FinCEN FORM 114 (FBAR)

Who must file? - A US Person that has financial interest in or a signature authority over foreign financial accounts must file FBAR if the total amount in your foreign financial accounts or aggregate (combined) value of one or more accounts is at least $10K or more and reaches this threshold at any time during the calendar year.

US Person means:

A citizen or resident of the United States
A domestic corporation,
A domestic partnership, and
A domestic estate or trust

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A specified individuals and domestic entities that have an interest in specified foreign financial assets and meets the reporting threshold

Specified Individuals includes:

A citizen or resident of the United States
Certain non-resident aliens

Specified entities includes:

A domestic corporation,
A domestic partnership, and
A domestic trusts

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filing Fee (FBAR & 8938)

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