United States:
Don't Forget To File Your Foreign Bank Account Return
22 October 2019
Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
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If you have a foreign bank account (or signatory authority on a
foreign bank account), you are required to file a Form 114
(commonly called an FBAR) if at any point during the calendar year
the combined balance in all of your foreign accounts exceeds
$10,000. Failure to file the FBAR can result in hefty penalties and
even criminal charges. I previously discussed FBARS here.
Why am I bringing this up again? Because the filing deadline was
moved from June 30th to April 15th, and the government
granted all filers an automatic 6 month extension to October
15th. So if you have not filed your FBAR yet, make sure
you do so before October 15th. The form is filed
electronically here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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