2019 FBAR Filing Deadline ApproachingApril 04, 2019
Foreign Financial Account holders, your 2018 Foreign Bank Accounts Report (FBAR) is due April 15th.
Attention Foreign Financial Account holders: You have until April 15th to submit your 2018 Foreign Bank Accounts Report (FBAR) to the Department of Treasury.
More on the FBAR
In order to appropriately tax U.S. taxpayers on all sources of income, the Financial Crimes Enforcement Network (FinCEN) developed the FBAR, otherwise known as FinCEN 114. The FBAR allows the Department of Treasury to track and document foreign financial accounts.
Who must file?
As a reminder, U.S. citizens and green card holders (including expats) are required to file an FBAR if:
- They have financial interest in or signature authority over at least one financial account located outside the United States
- They have financial foreign accounts with an aggregate value which exceeds $10,000 at any time during the calendar year.
If you find that you have to file an FBAR, or FinCEN 114, visit the BSA E-filing System website. You can also have a third party (accounting firm) electronically file the FBAR on your behalf.
Can you file for an extension?
Yes, you can. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 established a maximum six month extension of the filing deadline. FinCEN will grant filers failing to meet the FBAR April 15th due date with an automatic extension to October 15th each year. You do not need to specifically file for or request this extension period.
If you fail to file, remember that you are subject to either a civil penalty of up to $10,000 for each negligent violation (non-willful violation), or a civil penalty of up to $100,000 or 50% of the balance of the account at the time of the purposeful violation (willful violation). Criminal penalties can arise as well for willful violations.
Questions? Contact any member of our Global Tax Services Practice.