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Filing Requirements for Taxpayers with Foreign Assets Due by June 30, 2015

06.19.15

The Internal Revenue Service (IRS) encourages taxpayers with foreign accounts to check if they have an FBAR filing requirement.

The Internal Revenue Service (IRS) encourages taxpayers with foreign accounts to check if they have an FBAR filing requirement.

Who must file the FBAR?

The Report of Foreign Bank and Financial Accounts (FBAR) must be filed if you have a financial interest in, or signatory authority over, one or more reportable foreign financial accounts that had an aggregate value exceeding $10,000 in year 2014.

What is the filing deadline?

Due date for filing the FBAR for year 2014 is June 30, 2015.

What are the penalties for non-compliance?

Failure to file the FBAR may result in civil and criminal penalties.

The determination of whether an FBAR needs to filed can be difficult. Accordingly, we suggest clients contact their advisors to confirm whether they have a reporting obligation and to request assistance with the preparation of the FBAR, as appropriate.