The purpose of this post is to remind U.S. Citizens and U.S. residents to file their FBAR by April 15th if they have foreign bank accounts whose aggregate value exceeded $10,000 USD at any time during the calendar year.
I’ve covered this topic in detail in the past; however, I like to bring it up again around tax time because failure to file this report can result is some severe civil and/or criminal penalties.
In other words, I’m just trying to help folks stay out of trouble with Uncle Sam.
If you have no idea what I’m talking about, click HERE to read more about the Report of Foreign Bank and Financial Accounts (FBAR).
By the way, if you fail to file by April 15th, don’t worry — you get an automatic extension to October 15. But why wait and risk forgetting about it?
If you only have one or two accounts, you can knock this form out in about 10 minutes.
How to File
All filing is done electronically via FinCEN’s portal: click HERE
The instructions and requirements are available in PDF form via this link: FinCEN Form 114
Let’s Wrap This Up
Remember, this is all about asset tracking. Even if you don’t owe the IRS anything, you could still lose some of your hard-earned money if you fail to file this annual report when required to do so.