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

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

The Internal Revenue Service (IRS) encourages taxpayers with foreign accounts to check if they have an FBAR filing requirement. Who must file the FBAR? Please note that any person or entity subject to the jurisdiction of the United States (includes individuals, corporations, partnerships, trusts and estates) having a financial interest in, or signature or other authority over, bank accounts, securities or other financial accounts having an aggregate value exceeding $10,000 at any time during the calendar year in a foreign country, shall report such a relationship. Although there are some limited exceptions, filing requirements also apply to taxpayers that have direct or indirect control over a foreign or domestic entity with foreign financial accounts, even if the taxpayer does not have foreign account(s). For example, a corporate-owned foreign account would require filings by the corporation and by the individual corporate officers with signature authority.

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. Please contact our office if you think you have a reporting requirement and we will be happy to assist you to meet the upcoming filing deadline.

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