02 Jan

The FBAR Report

Taxpayers who have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, that had a balance of $10,000 or more at any time during 2014 are required to report the account annually by filing a Financial Crimes Enforcement Network ("FinCEN") Form 114, Report of Foreign Bank and Financial Accounts (formerly Form TD F-90.22-1 and commonly known as the "FBAR"). The 2014 FBAR returns must be received no later than Tuesday, June 30, 2015. No extensions are permitted. All FBAR returns must now be filed electronically.