Report of Foreign Bank and Financial Accounts (FBAR) Deadline Remains April 15
IRS has issued a reminder that the deadline to file an annual Report of Foreign Bank and Financial Accounts (FBAR)
is still April 15. The extension of the federal income tax filing due date and other tax deadlines for individuals to May 17 does not affect the FBAR requirement. The Bank Secrecy Act requires U.S. persons to file a FBAR if they have:
- Financial interest in, signature authority, or other authority over one or more accounts, such as a bank account, brokerage account, mutual fund or other financial account in a foreign country; and
- The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
A U.S. person is defined as a citizen or resident of the United States or any domestic legal entity such as a partnership, corporation, limited liability company, estate or trust. Learn more here
, including how to file an FBAR and penalties for failure to file.