Post by Petra on Mar 22, 2015 3:06:29 GMT 4
June 30th marks an important deadline.:It is the date the Report of Foreign Bank and Financial Accounts (the FBAR) is due, and there are no extensions.The FBAR is not a tax return, but an information return used by taxpayers to disclose certain foreign accounts. Specifically, the FBAR is required to be filed by a taxpayer if
(i) the taxpayer has a financial interest in or signature authority over any reportable financial account located in a foreign country and
(ii) the aggregate value of all such accounts exceeded $10,000 at any time during the previous calendar year.
The FBAR must now be filed electronically using bsaefiling.fincen.treas.gov/main.html
Failure to timely file the FBAR can result in shockingly severe civil penalties and potential criminal prosecution.
(i) the taxpayer has a financial interest in or signature authority over any reportable financial account located in a foreign country and
(ii) the aggregate value of all such accounts exceeded $10,000 at any time during the previous calendar year.
The FBAR must now be filed electronically using bsaefiling.fincen.treas.gov/main.html
Failure to timely file the FBAR can result in shockingly severe civil penalties and potential criminal prosecution.