An important deadline is approaching for those with foreign bank
or financial accounts. On June 30, 2015, FinCen 114, more
commonly known as the Foreign Bank and Financial Account Report or
"FBAR" (formally known as TD 90-22.1), must be
electronically filed, and there will be no extensions.
Any person who has a financial
interest in or signature authority over foreign financial accounts,
including bank accounts, brokerage accounts, mutual funds, trusts,
or other types of foreign financial accounts, which in the
aggregate exceed $10,000 at any time during the year must timely
file an FBAR. Please note that this filing requirement is in
addition to other filings that may be required, such as the Form
8938, the Statement of Specified Foreign Financial
Assets.
