Federal Tax, Tax

FBAR Deadline Approaching

If your assets include foreign bank and financial accounts, you must annually file a Report of Foreign Bank and Financial Account (FBAR). The IRS is reminding affected taxpayers that the deadline to file an FBAR generally is April 15. Specifically, taxpayers must file FBARs if they have financial interest in or signature authority over bank accounts, brokerage accounts or mutual funds in a foreign country and if the aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year. If the April 15 deadline is missed, the IRS will automatically provide a filing extension to Oct. 15. Contact Cg Tax, Audit & Advisory for more information. © 2022