IRS Deadline to File Foreign Accounts Disclosure (FBAR): June 30, 2015

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Any U.S. person having foreign bank accounts with an aggregate value in excess of $10,000 at any time in tax year 2014 is required by law to file annual  FBAR (FinCEN Form 114) by June 30, 2015. Any U.S. person (this is not limited to only U.S. citizens) who had foreign accounts (bank, securities, insurance and/or annuity policies, mutual funds, etc.) with aggregate value exceeding $10,000.00 at any time during the year are required to file the FBAR disclosure. Deadlines are strict and there are no extensions. Penalties for failure to file are stiff. The penalty for a non-willful violation is $10,000 per account per year (Note: The requirement to file an FBAR disclosure is not only limited to tax year 2014) and a willful violation can result in penalties equal to 50% of the value of the foreign account (per year and perhaps higher!) FBAR violations can also carry criminal penalties.

 

More information can be found below:

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

http://www.forbes.com/sites/robertwood/2015/05/28/fifa-charges-showcase-fbar-penalties-turbocharging-prison-time/

http://www.forbes.com/sites/robertwood/2015/06/02/irs-says-if-youre-willful-fbar-penalties-hit-100-10000-if-youre-not/

 

Disclaimer

The materials and information herein are for informational purposes only and not for the purpose of providing legal and/or tax advice. You should contact your attorney and/or tax professional to obtain advice with respect to any particular issue or problem. Use of and access to the herein information and/or links contained within do not create an attorney-client relationship between Georgaklis & Mallas PLLC and the user or browser. The opinions expressed herein are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

 

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