Last Minute: File FBAR by Tuesday June 30
This is a last minute reminder to get your FBAR electronically filed. Filing deadline is next Tuesday, June 30. US Citizens living abroad may have an obligation to electronically file a Foreign Bank and Financial Accounts (FBAR) form to the US Treasury – depending on the balance in your LOCAL BANK and BROKERAGE accounts (including Super).
In general, the FBAR filing requirement applies to anyone who had an interest in, or signature or other authority over foreign financial accounts whose aggregate value exceeded $10,000 USD at any time during 2014. Because of this threshold, the IRS encourages taxpayers with foreign assets, even relatively small ones, to check if this filing requirement applies to them.
FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts, which must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. It is not a tax form and cannot be filed with the IRS. The form must be filed electronically and is only available online through the BSA E-Filing System website.
FBAR filings have surged in recent years, topping the one-million mark for the first time during calendar-year 2014. The FBAR requirement is separate from the requirement to report specified foreign financial assets on a U.S. income tax return using Form 8938.
For more on filing requirements for the FBAR, see Current FBAR Guidance on IRS.gov.