You are required to file a Report of Foreign Bank and Financial Accounts (FBAR) (FinCEN Form 114, formerly TD F 90-22.1) each year if you have a financial interest in, or signature authority over, foreign financial accounts. These include bank accounts, securities, or other financial accounts held in a foreign country (for example, India), and the aggregate value of all such accounts exceeds $10,000 at any time during the calendar year.
The FBAR is due by June 30 of the following tax year. Unlike federal income tax returns, extensions to file an FBAR are not permitted. The FBAR is not an income tax return and should not be mailed with your federal tax return. We assist eligible clients with FBAR filing at no additional cost.
If you held more than $50,000 in foreign financial assets (such as bank accounts, securities, or deposits) during the year, you may also be required to file a FATCA report (Form 8938) with the IRS along with your federal income tax return by April 15. FATCA stands for the Foreign Account Tax Compliance Act. In such cases, both FATCA and FBAR filing requirements may apply.
To deliver ethical, accurate, and fully compliant tax consulting while building long-term client trust and satisfaction.