All posts from in,

Important update to FBAR filing requirements

Important update to FBAR filing requirements

August 6, 2015
Vilnius Lithuania

Here's a great example of how an important rule that may affect your life gets BURIED within a giant piece of legislation—

At first glance the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 doesn't seem like it should have any impact on foreign bank accounts.

But in fact it does significantly.

This piece of legislation signed into law last week, changes the filing deadline for an FBAR by over two months.

If you're not familiar, the Report of Foreign Bank and Financial Accounts, commonly known as the FBAR, is a form that US taxpayers must submit to report foreign bank and financial accounts.

In general, any US citizen, resident, corporation, partnership, LLC, etc. which either has a financial interest in, or signature authority over, a foreign financial account or accounts, must file the FBAR. Given that the aggregate total across all the accounts was at least $10,000 at any point during the previous calendar year.

Curiously, the FBAR is not filed to the IRS. It goes to the Financial Crimes...