Hyden, Miron & Foster, PLLC Law Blog

Thursday, October 30, 2014

Do I need to file an FBAR?

By: Tiffany Parker Nutt 

A United States person that has a financial interest in or signature authority over foreign financial accounts must file the Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The new FBAR form is FinCEN Report 114. Form 114 supersedes previous years’ form TD F 90-22.1. The new form is only available online through the BSE filing system. The FBAR Form 114 filing deadline is June 30. Unlike income tax returns, an extension to file cannot be obtained for Form 114.

The definitions of the bolded key terms are very important to determine whether or not you are required to file an FBAR.

Financial Account - A financial account includes, but is not limited to, securities, brokerage, savings, demand, checking, deposit, time deposit or other account maintained with a financial institution. A financial account also includes a commodity futures or options account, an insurance policy with a cash value (such as a whole life insurance policy), an annuity policy with a cash value, and shares in a mutual fund or similar pooled fund.

Foreign Financial Account - A foreign financial account is a financial account located outside of the United States.

United States Person - A United States person includes United States citizens and United States residents. Even if you are not living in the U.S. and are a U.S. citizen, you are still considered a United States Person and can be subject to the FBAR filing rule if the other requirements are met.

If you are uncertain of your filing obligations or have missed the filing deadline contact the attorneys at Hyden, Miron & Foster, PLLC. Call (501) 376-8222 for a consultation.

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