Federal Tax, Tax

Filing the Report of Foreign Bank and Financial Accounts

Do your assets include foreign bank and financial accounts? You may need to file an annual Report of Foreign Bank and Financial Accounts (FBAR) by April 15, depending on the details. Those who must file are taxpayers that have foreign financial accounts where the aggregate value of all such accounts exceeds $10,000 at any time during the calendar year reported. This includes those having a financial interest in or signature authority over bank accounts, brokerage accounts or mutual funds in a foreign country. If the April 15 deadline is missed, the IRS will automatically provide a filing extension to Oct. 15. Contact us if you have questions about filing an FBAR. © 2024