FBAR UK LLP

[yngmind]

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

Last edited: Nov 21, 2023
Toggle signature
I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
___
Business Bank Account for your US LLC Remotely

 

[yngmind]

It actually says that "the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported."

I never had a point where I had more than 10k in foreign currency on the foreign bank account for my US LLC, so I think I should be good.

Toggle signature
I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
___
Business Bank Account for your US LLC Remotely

 

[Alenka]

FBAR Penalties for Non-Willful Failure to File
The standard FBAR penalty for non-willful failure to file is $10,000 for each year that a required FBAR wasn't filed.

https://www.irs.gov/businesses/smal...t-of-foreign-bank-and-financial-accounts-fbar