Foreign financial accounts

Foreign Bank Account Report due April 2017

Just a reminder that you may need to file a Report of Foreign Bank and Financial Accounts with respect to your foreign (outside the U.S.) assets on or before April 15,  2017 (NO LONGER JUNE 30th). An extension will be available to extend this due date for up to 6 months.

The FBAR form is FinCen Report 114 (formerly Form TD F 90-22.1)
 
More at: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar
 
 

U.S. tax payers (U.S. citizens, U.S. resident aliens...) with "foreign financial accounts" that in the aggregate exceeded $10,000 at any time during the prior calendar year, or that have signatory authority or other authority over such foreign accounts, are required to electronically file an FBAR.  Significant penalties may be imposed for failure to file an FBAR report.

You may also need to file a Schedule B of Form 1040, which requires an individual taxpayer to indicate if he or she has ownership of or signature authority over foreign financial accounts, and if so, whether FBAR reporting is required.

Form 8938, Statement of Foreign Financial Assets (FATCA), may also be required to be filed with the 1040 depending on the size of the assets (above $50,000). Significant penalties may be imposed for failure to file a FATCA report.

Discover the differences between FBAR and FATCA.

Certain types of foreign financial assets like foreign mutual funds…, may trigger specific reporting forms (8621…) if they are PFIC.
 
To learn more in French or in English about Tax, click on http://tinyurl.com/Tax-Update-Francais-Etats-Unis

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This newsletter was first published in April of 2017

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