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Foreign Bank Account Report (FBAR), known as Report of Foreign Bank and Financial Accounts Filing Deadline is June 30th

Posted by: Zaher Fallahi
Posted On: Jun 14, 2015

U.S. citizens and resident aliens and some non-resident aliens (all subject to the US taxation) must report worldwide income on their US income tax return. If you lived overseas on the regular due date of the tax return (April 15), the extended filing deadline for your 2014 tax return is June 15, 2015. However, the deadline to report FBAR is June 30, 2015, the same as for anyone else. Here are important tips to determine whether you must file know if these reporting rules apply to you:

FBAR Requirements.  You must file your FBAR form 114 with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the US Treasury Department. This form is generally required if you had an interest in foreign financial accounts or signature authority over them with the aggregate value exceeding $10,000 at any time during the preceding year. Effective July 1, 2013, you must file the Form 114 electronically. The FBAR filing is not part of filing a tax return, but a special report to FinCen.  No extensions are allowed. Therefore, if for any reason you cannot file your FBAR accurately and completely, file it based on your best estimates, and then amend it upon obtaining necessary information to complete it at a later time. http://zflegal.wpengine.com/services/report-of-foreign-bank-and-financial-accounts-fbar

Zaher Fallahi, Tax attorney, CPA, is a Tax Defense Attorney, and assists taxpayers in resolving their tax controversy with respect to domestic audits and unreported foreign bank accounts and foreign trusts. Contact: Los Angeles (310) 719-1040, Orange County (714) 546-4272,Websitehttp://zflegal.wpengine.com e-mail:  taxattorney@zfcpa.com