How Do You Determine Maximum Account Value for the FBAR? An International Tax Attorney Explains

When reporting information about your foreign bank and financial accounts you are required to report the highest value of each account during the year. Determining the highest value can sometimes be confusing. Generally, reviewing each monthly statement for the highest balance is the best method for determining account value. If you don’t have access to such detailed statements, you should invest the time to determine the highest value by other reasonable means. If you have foreign accounts and want to know if they should be reported on the FBAR, reach out to an Attorney with the McGuire Law Firm to help assess your FBAR reporting responsibilities.

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