April 15 is almost here, and while most people know this date as
the filing deadline for individual tax returns, it also important
to another filing requirement: the Report of Foreign Bank and
Financial Accounts ("F.B.A.R."). Although the form
(currently Financial Crimes Enforcement Network (FinCen) Form 114)
has been around since the 1970's, many people still are unaware
of its existence and those that are aware may be confused about the
requirements. A recent Federal case illustrates the perils of
failing to file a required F.B.A.R. report.
THE RULES
At first glance, the F.B.A.R. instructions seem relatively
simple: A U.S. person must file an F.B.A.R. if that person has a
financial interest in or signature authority over any financial
account(s) outside of the U.S. and the aggregate maximum value of
the account(s) exceeds $10,000 at any time during the calendar
year. But they also spark certain questions:
