Tax Topic

Foreign account reporting (FBAR, due April 15 each year, automatic 6-month extension to October 15)

A report of Foreign Bank and Financial Accounts (FBAR) must be filed by each U.S. person having a financial interest in or signature authority (or other authority) over any financial account in a foreign country if the aggregate value of all foreign accounts exceeds $10,000 US value at any time during the calendar year. The foreign account holder must efile Form FinCEN Form 114 on or before April 15 of the following year. The FBAR is efiled separately from the filer's Federal income tax return. There is an automatic (no extension form is necessary to be filed) extension to October 15 available for filing the FBAR, so be sure to complete the filing by then at the latest. Account holders who do not comply with the FBAR reporting requirements may be subject to civil penalties, criminal penalties, or both!

Here is the Bank Secrecy Act efiling home page: http://bsaefiling.fincen.treas.gov/main.html

Here is an IRS link for more detailed information: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

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