So, this year you are preparing your own tax return, no need for a CPAs, Enrolled Agent or Tax Attorney…great!
But have you thought about “FBAR” and your 2018 tax return!!!
You might ask, do I have to worry about this FBAR quagmire if I have never been outside of the United States?
What triggers this FBAR compliance for me?
Usually this is triggered when you have foreign interest on your form 1099-int. You investments from your money managers, such as Schwab, Merrill, Wells Fargo, etc.… will send you this rather thick packet of how your investments have performed for 2018 that have a summary page at the front. Now look to see if you have “foreign interest” and/or “foreign tax paid”. If