Federal Tax

FBAR Deadline

A key tax deadline is here. The IRS has extended many tax due dates to May 17, 2021, but some April 15 deadlines remain. This includes the filing of a “Report of Foreign Bank and Financial Accounts” (FBAR). The Bank Secrecy Act requires any U.S. person or entity having a foreign financial account worth more than $10,000 at any time during the preceding year to file a FBAR, electronically, with the Financial Crimes Enforcement Network. Those who don’t file a FBAR when required may be subject to significant civil and criminal penalties that can result in a fine and possibly prison. An automatic extension to Oct. 15 is available. Here’s a fact sheet. For help, contact us. © 2021