This is only if you are self-employed or a small business owner, correct? If you are an American living abroad and working for a company does FBAR apply to you?
Any United States person has to file if they have more than $10,000 held in a overseas account.
A United States person is defined as:
"United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States."
(There are exemptions for very specific circumstances)
A lot of United States persons living overseas are unaware that they need to file, and a lot of permanent residents or H-1Bs in the US are unaware that they also need to file if they still have assets held overseas. They have ramped enforcement up over the last few years so a lot of people are out of compliance and don't realize it. Thankfully at least at the
A United States person is defined as:
"United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States."
(There are exemptions for very specific circumstances)
A lot of United States persons living overseas are unaware that they need to file, and a lot of permanent residents or H-1Bs in the US are unaware that they also need to file if they still have assets held overseas. They have ramped enforcement up over the last few years so a lot of people are out of compliance and don't realize it. Thankfully at least at the
See:
http://business.financialpost.com/personal-finance/taxes/unc...
(Disclaimer: Not an accountant. Consult an accountant for tax related advice)