OUR THOUGHTS ON:

Foreign Bank Account Reporting (FBAR)

International

By Ken Kobayashi

Any U.S. person who has a financial interest in or signatory authority over foreign financial accounts must file Form 114 (Form TD F 90-22.1 was used for FBAR previously) if the aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year. A financial account includes a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account. An FBAR is required to be filed electronically through Financial Crimes and Enforcement Network (FinCEN).

FinCEN has also released a new form, Form 114a, which authorizes third parties, such as preparers, to file Form 114 electronically on their behalf.  Form 114a is not submitted with FinCEN, but is instead retained by the FBAR filer and the authorized third party for their records. FBAR is an annual report and must be filed on or before June 30 of the year following the calendar year.

© 2014 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.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

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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.

© 2018 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.

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