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Where on the FBAR form do I enter my (single owner) offshore LLC accounts? Part II, part IV or part V?

Update:

Thanks for that answer, Bobbie. I've pored over those instructions many times, and maybe it's just me, but I still don't see clearly what to do. Perhaps I'm supposed to submit 2 FBARs, one for my personal accounts, one for my LLC accounts? If I can only tick one box in part 1, I'm not sure what to tick that covers both (personal and LLC accounts). And then under which section to list the details for the respective accounts. All under 'consolidated'?

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  • Bobbie
    Lv 7
    7 years ago
    Favorite Answer

    Help in completing Form TD F 90-22.1 (PDF) is available Monday - Friday, 8 a.m. to 4:30 p.m. Eastern time, at 866-270-0733 (toll-free inside the U.S.) or 313-234-6146 (not toll-free, for callers outside the U.S.).

    www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FAQs-Regarding-Report-of-Foreign-Bank-and-Financial-Accounts-%28FBAR%29---Filing-Requirements

    Page 8 of the form does have some information that you MIGHT find helpful once you do go to it and start reading OK.

    Explanations for Specific Items

    Part I — Filer Information

    Item 1. The FBAR is an annual report. Enter the calendar year being

    reported. If amending a previously filed FBAR, check the “Amended”

    box.

    Item 2. Check the box that describes the filer. Check only one box.

    Individuals reporting only signature authority, check box “a”. If filing a

    consolidated FBAR, check box “d”. To determine if a consolidated

    FBAR can be filed, see Part V. If the type of filer is not listed in boxes “a”

    through “c”, check box “e”, and enter the type of filer. Persons that

    should check box “e” include, but are not limited to, trusts, estates,

    limited liability companies, and tax-exempt entities (even if the entity is

    organized as a corporation). A disregarded entity must check box “e”,

    and enter the type of entity followed by “(D.E.)”. For example, a limited

    liability company that is disregarded for United States federal tax

    purposes would enter “limited liability company (D.E.)”.

    www.irs.gov/pub/irs-pdf/f90221.pdf

    Hope that you find the above enclosed information useful. 06/07/2013

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  • 7 years ago

    A single member LLC is a disregarded entity at the federal level. You file the FBAR as an individual and can list all accounts in Part II.

    If your LLC has its own TIN (EIN in this case) you could file 2 FBARs I suppose, but since the EINs are tall tied to you anyway, I'd just keep it simple and report it on one FBAR.

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  • tro
    Lv 7
    7 years ago

    of course you would submit one for your personal and one for your LLC, depending on what entity you are claiming the LLC--this is only a state designation, is NOT recognized by IRS as anything other than a Corp(S or C), a Partnership or a sole proprietor--which would then make it personal

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