Monday, June 29, 2015

FBAR is Due June 30th

This post is a friendly reminder that your 2014 FBARs (FinCEN Form 114) is due June 30th.  If you are a US resident for tax purposes and you have foreign assets, there is a good chance you need to file this form.

The FBAR is now filed electronically on the BSA website. You can find the form and filing instructions, here.

The penalties failing to file the FBAR are steep.  If you have any foreign accounts and do not think you are required to file; at least contact someone to verify that you are correct.

As with everything related to the IRS, it is difficult to provide comprehensive information related to taxes on the web.  Please do not rely on this article without consulting your tax professional.  If you are unsure about whether you have a requirement to file this form contact a tax professional.