L1_to_H1 Posted February 1, 2013 Report Share Posted February 1, 2013 Hi All, I have a question regarding FBAR filing. If I am working on H1B visa do I need to file FBAR? And if yes what is the filing process? I have never file FBAR as I was not aware of this prior to this? Is there any penalty for not filing FBAR? Thanks Link to comment
ngupta2k12 Posted March 9, 2013 Report Share Posted March 9, 2013 -> I have a question regarding FBAR filing. If I am working on H1B visa do I need to file FBAR? Same question Link to comment
JoeF Posted March 11, 2013 Report Share Posted March 11, 2013 On H1, you are usually a tax resident (except possibly for the first year.) So, yes, all the rules for tax residents apply, and that includes FBAR. Link to comment
t75 Posted March 12, 2013 Report Share Posted March 12, 2013 Seek assistance from a CPA or enrolled agent when you have questions on US tax filings. Link to comment
L1_to_H1 Posted March 15, 2013 Author Report Share Posted March 15, 2013 I filed my taxes after consulting few CPAs. The understanding is that if you are filing taxes in US you have to declare Global Income ( that includes dividends/interest earned /Property dealing etc). And yes you should file FBAR. Its a simple form which takes only 15 mins to fill out. And my CPA told me not to worry about previous years as IRS is looking for big fishes only who have stashed Millions in overseas accounts. Hope this helps. Link to comment
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