Filers are reminded about their FBAR and FATCA requirements

On 10 June 2015, the IRS issued an announcement reminding taxpayers with a Report of Foreign Bank and Financial Accounts (FBAR) filing requirement that they should report their foreign assets by 30 June 2015 (Link). More precisely, FBAR concerns taxpayers who have an interest in, or signature or other authority over foreign financial accounts whose value exceeded $10,000 at any moment during 2014. These taxpayers have an obligation to file Form 114 directly to the Financial Crimes Enforcement Network (FinCEN). Form 114 is available online through the BSA E-Filing System website and can only be submitted electronically.

In the same announcement, taxpayers living abroad are also reminded that they may have an obligation to file FATCA Form 8938 (Statement of Special Foreign Financial Assets) with their tax return by 15 June 2015.

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