Reminder! FBAR Filing Due by June 30, 2014
Effective July 1, 2013, FinCEN Form 114 (historically TD F 90-22.1) is only available to be filed electronically and no longer is able to be filed via paper. Taxpayers who have historically prepared their own FBAR’s are still able to do so through FinCEN’s BSA E-Filing System.
If a taxpayer wishes to not utilize the above website, the professionals here at WithumSmith+Brown, PC are able to file FinCEN Form 114 utilizing our tax preparation software. Please note that the tax form has to be electronically accepted by FinCEN no later than June 30, 2014, in order to not be considered late.
Generally, United States persons are required to file an FBAR if:
- The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
- The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.
United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
A person required to file an FBAR who fails to properly file a complete and correct FBAR may be subject to a civil penalty not to exceed $10,000 per violation for non-willful violations that are not due to reasonable cause. For willful violations, the penalty may be the greater of $100,000 or 50% of the balance in the account at the time of the violation – for each violation.
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