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If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).
The deadline to file this report is Tuesday, June 30th, 2015. The penalties associated with non-filing are severe.
Those required to file an FBAR who fail to properly file a complete and correct FBAR may be subject to a civil penalty not to exceed $10,000 per violation for non-willful violations that are not due to reasonable cause.
For willful violations, the penalty may be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation, for each violation.
The disclosure of foreign-based financial accounts is an important aspect of IRS compliance. Please be sure to review your current potential filing obligations.
For more information regarding FBAR reporting, please contact us using the form below. A PDR CPAs tax professional can assist you in understanding and complying with the FBAR requirements.