FBAR Reporting and Filing Info

An individual who holds a foreign financial account could possess a reporting duty when no taxable income is produced by the account.

The FBAR is a calendar year report and should be submitted on or before June 30 of the year after the calendar year. Effective the FBAR have to be submitted through FinCEN’s BSA E-Filing System. The FBAR isn’t filed using a federal tax return. It will not expand time to file an FBAR when the IRS allows a filing extension to get a citizen’s income tax return.

Those required to file an FBAR who neglect to correctly file a right as well as complete FBAR may be subject to some civil penalty not to exceed $10,000 per infringement for nonwillful violations that aren’t due to reasonable cause. For guidance on conditions including natural disasters that prevent timely filing of an FBAR, see FIN 2013 G002 (June 24, 2013).

Note: The recently enacted Veterans Health Care Pick Development Act of 2015 changes and Surface Transport the normal FBAR due date start using the 2016 calendar year reports, which are due in 2017.

For more information, or to file online today, please visit fbarfiling.org