FBAR Obligation for Children - Does My Child File FBAR or FATCA, 3520, 5471, etc
https://www.goldinglawyers.com/fbar-children-accounts-minor-bank-accounts-irs-child-fbar/
Do Children File FBAR?
As ridiculous as the answer may seem, even minor children with foreign accounts still have to file an annual FBAR - even if they do not have to file a tax return. So while there are age restrictions for movies, amusement parks, and other kid-related activities – the FBAR does not currently have any exceptions for minor children. Therefore, if your child has ownership or signature authority over a foreign account, then they have to file their own FBAR each year to report the account(s) on FinCEN Form 114. It is important to note that even if the child is not required to file a tax return and/or the parents are filing a tax return on the children's behalf to report if there is more than the excludable amount -- children with foreign accounts still must file the FBAR.
Видео FBAR Obligation for Children - Does My Child File FBAR or FATCA, 3520, 5471, etc канала Golding & Golding International Tax Lawyers
Do Children File FBAR?
As ridiculous as the answer may seem, even minor children with foreign accounts still have to file an annual FBAR - even if they do not have to file a tax return. So while there are age restrictions for movies, amusement parks, and other kid-related activities – the FBAR does not currently have any exceptions for minor children. Therefore, if your child has ownership or signature authority over a foreign account, then they have to file their own FBAR each year to report the account(s) on FinCEN Form 114. It is important to note that even if the child is not required to file a tax return and/or the parents are filing a tax return on the children's behalf to report if there is more than the excludable amount -- children with foreign accounts still must file the FBAR.
Видео FBAR Obligation for Children - Does My Child File FBAR or FATCA, 3520, 5471, etc канала Golding & Golding International Tax Lawyers
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10 марта 2023 г. 1:32:56
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