In this first episode of the Tax4Us Podcast, host Emma is joined by Ben to break down FBAR (Foreign Bank Account Report) reporting requirements for US citizens and green card holders living in Israel or with foreign accounts.

Key topics covered:

• What FBAR is and who needs to file it

• The $10,000 threshold and how it's calculated

• Filing requirements and deadlines (April 15th deadline with automatic extension to October 15th)

• Common mistakes that can cost thousands in penalties

• Real-world examples and case studies

• Streamlined Filing Compliance Procedures for catching up on missed filings

• Types of accounts that need to be reported (bank accounts, investments, pensions, crypto, PayPal, etc.)

• Signature authority requirements

• Action steps for compliance

Penalties discussed:

• Willful violations: Up to $100,000 or 50% of account balance per account per year

• Non-willful violations: Up to $10,000 per violation

• Importance of voluntary disclosure before IRS investigation

Resources mentioned:

• FinCEN website for electronic filing

• Treasury exchange rates for currency conversion

• Streamlined Filing Compliance Procedures

This episode is essential listening for any American citizen or green card holder with foreign accounts, especially those living or working in Israel.

For help with FBAR compliance and other US-Israeli tax matters, visit tax4us.co.il or schedule a consultation.