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?
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.