Federal banking regulations require any United States persons with a financial interest in or signature authority over foreign bank and financial accounts with an aggregate balance exceeding $10,000 at any time during the calendar year to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (commonly referred to as the “FBAR” form).
Please note, the FBAR must be filed electronically through FinCEN’s BSA E-Filing System. The application to file electronically is available at http://bsaefiling.fincen.treas.gov/. For assistance with filing this form, please call us at 410.363.3200.
In addition to FBAR reporting, a United States person may also be required to report specified foreign assets over certain thresholds on Form 8938, Statement of Specified Foreign Financial Assets. Form 8938 must be filed with the reporting person’s income tax return by the due date thereof (including extensions).
For more information, please contact your Hertzbach tax advisor at 410.363.3200.