By: Amanda Wilson
Now that April 15th has passed, you might be thinking that you are done with tax filings for the year. But, if you have any foreign bank accounts or financial assets overseas, you may be required to file a Form 114 (commonly known as an FBAR). This form must be filed on or before June 30th if at any time during the 2014 calendar year the value of your foreign financial accounts exceed $10,000. Foreign bank accounts include any accounts over which you have authority to sign for the account, even if you do not consider yourself the account owner. A common example of this is where you were added as an account holder on a family member’s account.
Failure to file this form can result in serious penalties, and in some cases, criminal charges.
The FBAR is filed electronically here.