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FBAR Form Page 8
FBAR Form
Form TD F 90-22.1 (Rev. 1-2012)
Page 8
Item 15. Determining Maximum Account Value.
Step 1. Determine the maximum value of each account (in the currency
of that account) during the calendar year being reported. The maximum
value of an account is a reasonable approximation of the greatest value
of currency or nonmonetary assets in the account during the calendar
year. Periodic account statements may be relied on to determine the
maximum value of the account, provided that the statements fairly
reflect the maximum account value during the calendar year. For Item
15, if the filer had a financial interest in more than one account, each
account must be valued separately.
Step 2. In the case of non-United States currency, convert the
maximum account value for each account into United States dollars.
Convert foreign currency by using the Treasury's Financial Management
Service rate (this rate may be found at www.fms.treas.gov) from the last
day of the calendar year. If no Treasury Financial Management Service
rate is available, use another verifiable exchange rate and provide the
source of that rate. In valuing currency of a country that uses multiple
exchange rates, use the rate that would apply if the currency in the
account were converted into United States dollars on the last day of the
calendar year.
If the aggregate of the maximum account values exceeds $10,000, an
FBAR must be filed. An FBAR is not required to be filed if the person did
not have $10,000 of aggregate value in foreign financial accounts at any
time during the calendar year.
For United States persons with a financial interest in or signature
authority over fewer than 25 accounts that are unable to determine if the
aggregate maximum account values of the accounts exceeded $10,000
at any time during the calendar year, complete Part II, III, IV, or V, as
appropriate, for each of these accounts and enter “value unknown” in
Item 15.
Item 16. Indicate the type of account. Check only one box. If “Other” is
selected, describe the account.
Item 17. Provide the name of the financial institution with which the
account is held.
Item 18. Provide the account number that the financial institution uses
to designate the account.
Items 19-23. Provide the complete mailing address of the financial
institution where the account is located. If the foreign address does not
include a state (e.g., province) or postal code, leave the box(es) blank.
Part III — Information on Financial Account(s) Owned
Jointly
Enter information in the applicable parts of the form only. Number the
pages used, and mail only those pages. If there is not enough space to
provide all account information, copy and complete additional pages of
the required Part as necessary. Do not use any attachments unless
otherwise specified in the instructions.
For Items 15-23, see Part II. Each joint owner must report the entire
value of the account as determined under Item 15.
Item 24. Enter the number of joint owners for the account. If the exact
number is not known, provide an estimate. Do not count the filer when
determining the number of joint owners.
Items 25-33. Use the identifying information of the principal joint owner
(excluding the filer) to complete Items 25-33. Leave blank items for
which no information is available. If the filer's spouse has an interest in a
jointly owned account, the filer's spouse is the principal joint owner.
Enter “(spouse)” on line 26 after the last name of the joint spousal
owner. See Exceptions, Certain Accounts Jointly Owned by Spouses, to
determine if the filer's spouse is required to independently report the
jointly owned accounts.
Part IV — Information on Financial Account(s) Where
Filer has Signature Authority but No Financial Interest
in the Account(s)
Enter information in the applicable parts of the form only. Number the
pages used, and mail only those pages. If there is not enough space to
provide all account information, copy and complete additional pages of
the required Part as necessary. Do not use any attachments unless
otherwise specified in the instructions.
25 or More Foreign Financial Accounts. Filers with signature authority
over 25 or more foreign financial accounts must complete only Items
34-43 for each person on whose behalf the filer has signature authority.
Modified Reporting for United States Persons Residing and
Employed Outside of the United States. A United States person who
(1) resides outside of the United States, (2) is an officer or employee of
an employer who is physically located outside of the United States, and
(3) has signature authority over a foreign financial account that is owned
or maintained by the individual's employer should only complete Part I
and Part IV, Items 34-43 of the FBAR. Part IV, Items 34-43 should only
be completed one time with information about the individual's employer.
For Items 15-23, see Part II.
Items 34-42. Provide the name, address, and identifying number of the
owner of the foreign financial account for which the individual has
signature authority over but no financial interest in the account. If there
is more than one owner of the account for which the individual has
signature authority, provide the information in Items 34-42 for the
principal joint owner (excluding the filer). If account information is
completed for more than one account of the same owner, identify the
owner only once and write “Same Owner” in Item 34 for the succeeding
accounts with the same owner.
Item 43. Enter filer's title for the position that provides signature
authority (e.g., treasurer).
Part V — Information on Financial Account(s) Where
Filer Is Filing a Consolidated Report
Enter information in the applicable parts of the form only. Number the
pages used, and mail only those pages. If there is not enough space to
provide all account information, copy and complete additional pages of
the required Part as necessary. Do not use any attachments unless
otherwise specified in the instructions.
Who Can File a Consolidated FBAR. An entity that is a United States
person that owns directly or indirectly a greater than 50 percent interest
in another entity that is required to file an FBAR is permitted to file a
consolidated FBAR on behalf of itself and such other entity. Check box
“d” in Part I, Item 2 and complete Part V. If filing a consolidated FBAR
and reporting 25 or more foreign financial accounts, complete only
Items 34-42 for each entity included in the consolidated FBAR.
For Items 15-23, see Part II.
Items 34-42. Provide the name, United States taxpayer identification
number, and address of the owner of the foreign financial account as
shown on the books of the financial institution. If account information is
completed for more than one account of the same owner, identify the
owner only once and write “Same Owner” in Item 34 for the succeeding
accounts of the same owner.
Signatures
Items 44-46. The FBAR must be signed by the filer named in Part I. If
the FBAR is being filed on behalf of a partnership, corporation, limited
liability company, trust, estate, or other entity, it must be signed by an
authorized individual. Enter the authorized individual's title in Item 45.
An individual must leave “Filer's Title” blank, unless the individual is
filing an FBAR due to the individual's signature authority. If an individual
is filing because the individual has signature authority over a foreign
financial account, the individual should enter the title upon which his or
her authority is based in Item 45.
A spouse included as a joint owner, who does not file a separate
FBAR in accordance with the instructions in Part III, must also sign the
FBAR (in Item 44) for the jointly owned accounts. See the instructions
for Part III.
Penalties
A person who is required to file an FBAR and fails to properly file may
be subject to a civil penalty not to exceed $10,000 per violation. If there
is reasonable cause for the failure and the balance in the account is
properly reported, no penalty will be imposed. A person who willfully
fails to report an account or account identifying information may be
subject to a civil monetary penalty equal to the greater of $100,000 or
50 percent of the balance in the account at the time of the violation. See
31 U.S.C. section 5321(a)(5). Willful violations may also be subject to
criminal penalties under 31 U.S.C. section 5322(a), 31 U.S.C. section
5322(b), or 18 U.S.C. section 1001.
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