Do You Have a Foreign Bank Reporting Requirement?

FinCEN Form 114, commonly known as The Foreign Bank Account Report (FBAR) must be filed by individuals who are U.S. citizens with financial interests in, signature, or other authority over a foreign bank, securities, or other financial accounts whose aggregate amount in the account exceeds $10,000 in U.S. currency at any time during the year. The FBAR must be filed electronically by June 30th of the following year and there are no extensions or paper filings allowed. In addition, some…