fbar

I want to make sure I understand the FBAR rules, as there is one minor point that feels ambiguous/unclear to me. I understand the basic idea of FBAR for a U.S. LLC is that the LLC is a "US Person", and therefore it has to file an FBAR. An LLC therefore reports foreign accounts outside the USA...

Do I need to file an FBAR if I have a UK LLP with my US LLC as a partner and I had bank accounts (EMI) outside of the US in EUR and received more than $10k on that account? Seems like yes.... I'm not tax resident of the US, so I think I don't have to submit FBAR

FBAR stands for Foreign Bank and Financial Accounts Reporting rule. It is a part of the U.S financial regulation to verify whether the money in your foreign financial account is legitimate. Failing to file an FBAR when required to do so means facing civil monetary penalties, or even criminal...