US IRS Reminds Of FBAR Filing Obligation

by Mike Godfrey,, Washington

15 April 2021

The Internal Revenue Service is reminding US citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021.

The extension of the federal income tax filing due date and other tax deadlines for individuals to May 17, 2021, does not affect the FBAR requirement. However, filers missing the April 15 deadline will receive an automatic extension until October 15, 2021, to file the FBAR.

The Bank Secrecy Act requires US persons to file a FBAR if they have:

  • Financial interest in, signature authority or other authority over one or more accounts, such as a bank account, brokerage account, mutual fund or other financial account in a foreign country; and

  • The aggregate value of all foreign financial accounts exceeds USD10,000 at any time during the calendar year.

Because of this threshold, the IRS encourages US persons or entities with foreign accounts, even relatively small ones, to check if this filing requirement applies to them.

A US person is a citizen or resident of the United States or any domestic legal entity such as a partnership, corporation, limited liability company, estate or trust.

The 2021 FBAR must be filed electronically with the Financial Crimes Enforcement Network (FinCEN).

Source link

You cannot copy content of this page

Social Media Auto Publish Powered By :