We would like to remind our readers of the upcoming deadline for the FBAR form for the reporting of foreign bank and other financial accounts. This year, 2017, is the first year that the deadline for the FBAR form, the Report of Foreign Bank and Financial Accounts (FinCEN Form 114), is the same as the deadline for submission of income tax returns (IRS Form 1040), for tax year 2016. The extended deadline is October 15, 2017.
The FBAR must be filed by taxpayers who had beneficial ownership of, or signature or other authority over, foreign financial accounts, including bank and securities accounts, if the aggregate value of such accounts exceeded $10,000 at any time during 2016. The FBAR also applies to foreign insurance policies, annuity policies, retirement plans and other financial products. Recent authority also extends the FBAR to on-line gambling/gaming accounts. Many of the foreign assets subject to the FBAR are also reportable on IRS Form 8938. However, even if you filed Form 8938, you must still file the FBAR.
The FBAR must be filed electronically on the FinCEN website.
We can assist with questions such as: Are you subject to FBAR reporting? Are your foreign assets reportable on the FBAR form? What if you have not filed the FBAR forms in past years? Please contact us to schedule a consultation.