Holtz, Slavett & Drabkin would like to remind that U.S. Taxpayers who have financial interest in, or signature authority over, foreign financial accounts, which exceed $10,000 in total value, must file their Foreign Bank Account Reports (FBAR) on or before June 30, 2015.
Under the requirements of the Banking Secrecy Act, 31 CFR 103.24, each “US person” with an interest in, signature or other authority over, one or more bank, securities, or other financial accounts in any foreign country must file an FBAR if the aggregate value of such accounts at any point in a calendar year exceeds $10,000. A “US person” generally means a citizen or resident of the United States, or a person in and doing business in the United States – it is not limited to individual taxpayers and includes partnerships and corporations.
The FBARS must be filed electronically, on FinCen Form 114, using BSA (Bank Secrecy Act) E-Filing system. The FBAR has to be received on or before June 30th. There’s no extension allowed.
Failure to comply with the FBAR rules can have significant consequences, including criminal prosecution and civil penalties, reaching up to 50% of the value of the account.,