Hyden, Miron & Foster, PLLC Law Blog

Wednesday, June 24, 2015

IRS Issues Last-Minute Reminder for Taxpayers to Report Certain Foreign Bank and Financial Accounts

The Internal Revenue Service has issued the following reminder to anyone who has one or more bank or financial accounts located outside the United States, or signature authority over such accounts that they may need to file an FBAR by next Tuesday, June 30.

FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts, which must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. It is not a tax form and cannot be filed with the IRS. The form must be filed electronically and is only available online through the BSA E-Filing System website.

In general, the filing requirement applies to anyone who had an interest in, or signature or other authority over foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2014. Because of this threshold, the IRS encourages taxpayers with foreign assets, even relatively small ones, to check if this filing requirement applies to them.

For more on filing requirements for the FBAR, see Current FBAR Guidance on IRS.gov and check out our previous blog post Do I need to file an FBAR? The IRS has also produced a free one-hour webinar explaining the FBAR requirement.

If you are uncertain of your filing obligations or have missed the filing deadline contact the attorneys at Hyden, Miron & Foster, PLLC. Call (501) 482-1787 for a consultation.


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