Foreign Bank Account Reporting (FBAR)

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.

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 contactSD@schneiderdowns.com.

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.

© 2019 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

Make Europe Great Again
International Tax Update: OECD Releases Latest Edition of Model Tax Convention
Legislation Introduced Preventing Rolling Stock Acquisitions from Chinese Manufacturers
EU Efforts to Stem Abusive Tax Structures
Transfer Pricing: A Reporting Requirement for Multinational Corporations

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

Map of Pittsburgh Office
Pittsburgh

One PPG Place, Suite 1700
Pittsburgh, PA 15222

contactsd@schneiderdowns.com
p:412.261.3644     f:412.261.4876

Map of Columbus Office
Columbus

65 East State Street, Suite 2000
Columbus, OH 43215

contactsd@schneiderdowns.com
p:614.621.4060     f:614.621.4062