A Reminder on FBAR Filings

An important deadline is coming up for taxpayers who hold foreign financial accounts with an aggregate value of $10,000 or more at any one time during the year.  More specifically, any U.S. person who has a financial interest or signature authority over foreign financial accounts must file Foreign Bank Account Reporting Form 114.

A “foreign financial account” is a financial account located outside the United States.  Financial accounts include securities, brokerage, savings, demand, checking, deposit, time deposit accounts, shares in mutual funds, insurance and annuity policies with cash value maintained with a financial institution.

FBAR Filing Requirements

FBAR requirements are currently met by filing FinCEN Report 114 (formerly Form TD F 90-22.1). For the 2014 calendar year, Form 114 must be filed by June 30, 2015 electronically through the FinCEN website (www.fincen.gov) or other approved software.  Third parties, such as preparers, can be authorized to file the report on behalf of a taxpayer.  Please note, no extensions for filing the FBAR can be obtained. 

Contact us if you have any questions about filing FBAR's and visit our tax services webpage for all of the services that Schneider Downs offers.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2021 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

our thoughts on
ASC 842, Leases – ASU 2021-09 Provides Additional Guidance on Use of Risk-Free Rate and Required Disclosures for Non-Public Entities
CARES Act, Tax BY Austin Nace
Disappointing News for Employers: Employee Retention Credit Ends Before Fourth Quarter of 2021
Welcome News for the Trucking Industry - Clarification of 100% Meals and Entertainment Deduction for Per Diems
Build Back Better Tax Legislation Update – International Tax Changes
IRS Joins Forces to Combat Fraud Against Charitable Organizations
Higher Estate Tax Exemption Amount for 2022
Register to receive our weekly newsletter with our most recent columns and insights.
Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us
contact us

This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.