Tuesday Tax Time: Do you Have a Foreign Bank/Financial Account?

As a reminder to our clients and friends, you are required to file a Report of Foreign Bank and Financial Accounts (FBAR) if -

(1)  you are a “United States person” (includes citizens and residents of the US, as well as green card holders),

(1)  you have significant authority (i.e., signature authority) over a foreign bank/financial account, and

(2)  the aggregate value of that account exceeds $10k at any time during the year.

The form is due June 30 of each year (for the previous year), and the civil penalties are $10k for non-willful compliance, or MUCH higher if the non-compliance is deemed to be willful.

Please don’t forget to let us know if you have cash in a foreign bank account!

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