US taxpayers, please dont forget that your annual Report of Foreign Bank and Financial Accounts (FBAR) is due April 15!
File an FBAR if you have:
- Financial interest in, signature authority or other authority over one or more accounts, such as a bank account, brokerage account, mutual fund or other financial account in a foreign country, and
- The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
Because of this threshold, the IRS encourages U.S. persons or entities with foreign accounts, even relatively small ones, to check if this filing requirement applies to them.
Penalties for NOT filing an FBAR are severe! Significant civil and criminal penalties may apply and can result in a fine and/or prison. (The IRS will not penalize those who properly reported a foreign account on a late-filed FBAR if the IRS determines there was reasonable cause for late filing)
Reach out to us if you need help with your filing requirements. www.wendybarlin.com