US & Global Business
FBAR (FinCEN Form 114) — Meaning
A US report of foreign financial accounts when their total exceeds USD 10,000 at any time in the year.
What is FBAR (FinCEN Form 114)?
US citizens, green-card holders and US tax residents must file an FBAR with FinCEN if the aggregate maximum value of their foreign financial accounts — including Indian savings, NRE/NRO, fixed deposits and demat accounts — exceeded USD 10,000 at any time during the calendar year. It is due on 15 April with an automatic extension to 15 October and is filed separately from the tax return. It is distinct from Form 8938, which has higher thresholds.
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More US & Global Business terms
PFIC (Passive Foreign Investment Company)
A US tax category that makes Indian mutual funds expensive for US citizens and residents to hold.
Form 5472
A US information return for foreign-owned single-member LLCs and corporations — $25,000 penalty if missed.
EIN (Employer Identification Number)
The US federal tax ID for a company, obtainable by foreign owners without an SSN or ITIN.
ITIN (Individual Taxpayer Identification Number)
A US tax ID for individuals who must file US taxes but aren't eligible for an SSN.
POEM (Place of Effective Management)
The test that can make a foreign company tax-resident in India if it is effectively managed from India.
