The FBAR filing requirement is not part of filing a tax return. It is filed separately and has different due dates than your tax return. Read below for due dates, who has to file, what information is needed, where to file and an example from Hoppe Tax.
When is it due?
The due date is June 30th and there are NO extensions. Notice 2014-1 moved the due date for 2015 and 2016 to June 30th.
Who needs to file an FBAR?
United States persons who...
What Information is Needed?
Where to file the FBAR?
The form must be filed electronically through the BSA E-FilingSystem website .
Hoppe Tax Comment
It is important to recognize that you may have a FBAR filing requirement even if the money only went to a foreign account for a split second. So long as the value of all your accounts exceeded $10,000 USD.
For example, you have UK checking account. On August 5th you received an inheritance valued in USD at $100,000. On August 5th you immediately withdraw the funds to a US bank account. The funds were only in the account on August 5th. For the rest of the year you had zero funds in any accounts outside the US. You would have to file an FBAR on June 30th to report your foreign assets.
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