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Reporting Foreign Financial Accounts

2019 – 06/10 U.S. taxpayers with an interest in or signing authority over certain foreign financial accounts must report those accounts on their tax returns. This applies to foreign financial accounts with aggregate value exceeding $10,000 at any time during 2018. Form 114, the Report of Foreign Bank and Financial Accounts (FBAR), must be electronically filed with the Treasury Dept. Financial Crimes Enforcement Network (FinCEN). The deadline to file FBARs is the same as for federal income tax returns: April 15, 2019. But, FinCEN is granting filers missing the original deadline an automatic extension until October 15, 2019, to file. No request for an extension is required. Contact us with questions.

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