Child FBAR filing obligations is a topic that comes up fairly often in my practice. In this short essay, I will discuss whether a child is required to file an FBAR and how it should be done.
Child FBAR Obligations: What is FBAR
FBAR is a common abbreviation for the Report of Foreign Bank and Financial Accounts, officially called FinCEN Form 114, Report of Foreign Bank and Financial Accounts (used to be TD F 90-22.1). This form is used by US persons to report to the IRS a financial interest in or signatory authority over foreign financial accounts. This is one of the most important forms that US taxpayers need to file in order to comply with their US international tax law requirements. A failure to file an FBAR when required may result in an imposition of severe IRS penalties.
Child FBAR Obligations: No Age Limitations
All US Persons are potentially subject to the FBAR requirement with no regard for their age. In other words, minor children with foreign accounts that satisfy the FBAR filing threshold must file FBARs. Even a newborn infant may have to file an FBAR. See BSA Electronic Filing Requirements For Report of Foreign Bank and Financial Accounts (FinCEN Form 114), p. 6.
Child FBAR Obligations: How to file a Child’s FBAR
While a child is responsible for the filing of his own FBAR, the child’s parent, guardian or other legally responsible person must file the FBAR for the child if the child is unable to do it himself. Id. In such cases, the responsible person, parent or guardian must sign the FBAR on behalf of the child as “Parent/Guardian filing for child”.
Contact Sherayzen Law Office for Professional Help with Your Child FBAR Obligations
Parents often overlook their children’s FBAR obligations. Time and again, I discover that otherwise fully-compliant taxpayers completely neglected their children’s FBARs.
If your child has not filed the required FBARs or he needs help complying with his current FBAR obligations, contact Sherayzen Law Office for professional help. We are a highly-experienced team of international tax professionals led by an international tax attorney, Mr. Eugene Sherayzen. We have helped hundreds of people around the world with their FBAR obligations, including offshore voluntary disclosures, and we can help you!
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