Don’t Forget to File Your Foreign Bank Account Return

Lowndes
Contact

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.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

© Lowndes

Written by:

Lowndes
Contact
more
less

PUBLISH YOUR CONTENT ON JD SUPRA NOW

  • Increased visibility
  • Actionable analytics
  • Ongoing guidance

Lowndes on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide