How to file FBAR if you have a foreign bank account

Sovereign Confidential

Alert

Weโ€™re taking the time today to outline the necessary tax filing requirements for US citizens and residents because the ones they face are some of the most onerous out there and with the highest consequences for misfiling.

Last month we sent out a report on the similar requirements for Canadian citizens and residents, which you can find here.

If you are a US taxpayer who does business overseas or holds foreign bank accounts, you are undoubtedly aware of the amount of paperwork required by the federal government.

If during your 2015 reporting year you were an owner of one or more foreign financial accounts with aggregate value of 10,000 USD or more, please remember to file the FBAR, officially known as FinCEN form 114.

The reporting is done entirely online and the deadline this year is still June 30 (no extension available). Starting from reporting year 2016, FBAR reporting deadline moves to April 15 and will coincide with your regular tax filing date.

In today's alert we will provide you with several scenarios that require your filing FBAR, as well as provide you with the detailed how-to instructions of the filing process.

Read about it more here.

Simon also recorded a screencast with video instructions walking you through how to file the FBAR, which you can watch here.

Feel free to share this information with your tax preparation professional if s/he is unfamiliar with the form.

Weโ€™re taking the time today to outline the necessary tax filing requirements for US citizens and residents because the ones they face are some of the most onerous out there and with the highest consequences for misfiling. Last month we sent out a report on the similar requirements for Canadian citizens and residents, which you…

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