TagFBAR

Don’t Forget to File Your Foreign Bank Account Return

By:  Amanda Wilson

If you have a foreign bank account (or signatory authority on a foreign bank account), you are required to file a Form 114 (commonly called an FBAR) if at any point during the calendar year the combined balance in all of your foreign accounts exceeds $10,000.  Failure to file the FBAR can result in hefty penalties and even criminal charges.  I previously discussed FBARS here.

Why am I bringing this up again?  Because the filing deadline was moved from June 30th to April 15th, and the government granted all filers an automatic 6 month extension to October 15th.  So if you have not filed your FBAR yet, make sure you do so before October 15th.  The form is filed electronically here.

New Filing Date for Foreign Bank Account Return

istock-tax-blog-cliffBy:  Amanda Wilson

If you have a foreign bank account (or signatory authority on a foreign bank account), you are required to file a Form 114 (commonly called an FBAR) if at any point during the calendar year the combined balance in all of your foreign accounts exceeds $10,000.  Failure to file the FBAR can result in hefty penalties and even criminal charges.  I previously discussed FBARS here.

Why am I bringing this up again?  Because the filing deadline has moved from June 30th to April 15th.  The good news, though, is that the government is granting all filers an automatic 6 month extension to October 15th.   No extension request is necessary.

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