For anyone who is the owner of or has signatory rights over a foreign account that had, at any time during the calendar year, the equivalent of $10,000 USD in it is required to file an FBAR – Foreign Bank and Financial Accounts (formerly TD F 90-22.1). If you have signing rights on your parent’s overseas account, for example, you are required to file this form. This is in addition to the Form 8938, which is filed with your taxes.
The online filing deadline is June 30th and you are not able to get an extension. There is no way to submit this in a paper format.
Banks have begun reporting the names of people who hold these accounts and there has been a cracking down on non-reporting by the Financial Crimes Enforcement Network and steep penalties are associated with not filing. The penalty for willfully failing to file is 50% of the maximum balance during the year for each year you do not file. If you are several years behind, please contact us for assistance.
Click here to file online.
Click here for more information.
We are, as always, here to assist you.