Do You Have To File An FBAR Now?
Published Wednesday, April 27, 2016 at: 7:00 AM EDT
If you have substantial assets in a bank or financial institution outside the United States, you may meet a key tax-filing deadline. The IRS requires you to file a special form—Report of Financial Bank and Financial Accounts, commonly known as FBAR—by your tax return due date. If you fail to comply you could face hefty penalties.
What's more, next year, you'll have to file the FBAR even sooner. In a little-noticed change in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, a highway spending measure, the due date for filing FBARs was moved up from June 30 to April 15, the deadline for filing individual tax returns.
The FBAR filing requirement is intended to discourage taxpayers from hiding assets in offshore accounts and evading tax liability. It applies to your bank and financial accounts in every area outside the U.S., Puerto Rico, the Northern Mariana Islands, and the territories and possessions of the U.S. (including Guam, American Samoa, and the Virgin Islands).
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