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.