OUR THOUGHTS ON:

A Reminder on FBAR Filings

International|Not-for-Profit|Tax

By Elena Faurie

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.

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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.

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