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June 30 Deadline to Report Certain Foreign Accounts to Treasury

Art - Foreign CurrencyTaxpayers who have one or more bank or financial accounts located outside the United States, or signature authority over such accounts, are reminded that they may need to file Form 114, Report of Foreign Bank and Financial Accounts (FBAR) by Thursday, June 30. Form 114, FBAR is filed electronically with the Treasury Department’s Financial Crimes Enforcement Network (FinCen).

IRS also implements the Foreign Account Tax Compliance Act (FATCA) which requires third-party reporting of foreign accounts to foster offshore tax compliance. FATCA created a new filing requirement: IRS Form 8938, Statement of Specified Foreign Financial Assets, which is filed with individual tax returns. The filing thresholds are much higher for this form than for the FBAR.

The International Taxpayers page on IRS.gov provides the best starting place to get answers to important questions. The website has a directory that includes overseas tax preparers. International taxpayers will find the online IRS Tax Map and the International Tax Topic Index to be valuable resources.

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