Those who have accounts in foreign banks must file their Foreign Bank Account Report, or FBAR, by June 30.
Any person in the United States is required to file an FBAR if:
- You had a financial interest in or signature authority over at least one financial account located outside of the United States; and
- The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
This requirement applies to:
- U.S. citizens;
- U.S. residents;
- Entities, including but not limited to, corporations, partnerships or limited liability companies, created or organized in the United States or under the laws of the United States; and
- Trusts or estates formed under the laws of the United States.
In addition to the FBAR, if you have specified foreign financial assets above certain thresholds you must also file Form 8938.
We included detailed information about filing requirements and steep penalties with your individual organizer package. If you have any questions or need more information about your reporting requirements, please contact our office immediately.