Foreign Bank Account Reporting:

Posted by Kim Chen on May 12th, 2016

All U.S. citizens and resident aliens with an interest in or signature or other authority over foreign financial accounts, whose total value exceeded $10,000 at any time during 2015, must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114 [Report of Foreign Bank and Financial Accounts (FBAR)] by 6/30/16. Beginning next year, the due date for reporting these foreign accounts will be April 15. The form is only available online at www.bsaefiling.fincen.treas.gov/main.html.
For information, see www.fincen.gov/forms/bsa_forms/fbar.html.

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