Greetings all,
I have 2 scenario to see if the FBAR needs to be filed?
https://www.fincen.gov/report-foreign-bank-and-financial-accounts
1. LPR working in the US but transfers funds to foreign accounts, but keeps the aggregate balance below 10,000 the whole time.
2. LPR working in the US for foreign company with funds deposited to foreign accounts, but keeps the aggregate balance below 10,000 the whole time.
In both cases, the total earnings over the year can surpass 10K, but the aggregate balance stays below 10K. I understand in both cases, the earnings will be reported to the IRS, but does the FBAR need to be filed for either or both cases? Thanks in advance.