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.