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Understanding FBAR: Essential Tax Filing for US Persons

In this video, Oscar from Numis CPA explains the importance of filing the Foreign Bank Account Reporting (FBAR) form, officially known as FI form 114. He outlines who needs to file it, specifically US persons with more than $10,000 in foreign accounts, and discusses the severe penalties for non-compliance. He also provides guidance on how to calculate the maximum balance of foreign accounts. For additional queries, viewers are encouraged to leave comments, like, and subscribe, or contact Numis CPA directly.

00:00 Introduction to Numis CPA
00:09 Understanding FBAR
00:35 Who Needs to File FBAR?
00:46 How to Calculate Your Foreign Account Balances
01:06 Conclusion and Contact Information