REPORT OF FOREIGN BANK & FINANCIAL ACCOUNTS (FBAR)

This information report (FBAR) filing deadline is June 30, 2016.

IRS had issued, during 2014, its “Reference Guide on the Report of Foreign Bank and Financial Accounts (FBAR),” which summarizes and augments previously published information on that report that must be filed by U.S. persons who have financial interests in or signature authority over financial accounts maintained with financial institutions located outside of the U.S.

The FBAR is not filed with a federal tax return. A filing extension, granted by IRS to file an income tax return, does not extend the time to file an FBAR. There is no provision to request an extension of time to file an FBAR. The Financial Crimes and Enforcement Network (FinCEN) has delegated enforcement authority regarding the FBAR to the IRS.

• Recordkeeping. The Reference Guide provides that, generally, records of accounts required to be reported on the FBAR should be kept for five years from the due date of the report, which is June 30 of the year following the calendar year being reported. The records should contain the following: a) name maintained on each account; b) number or other designation of the account; c) name and address of the foreign bank or other person with whom the account is maintained; d) type of account; and e) maximum value of each account during the reporting period. Retaining a copy of the filed FBAR can help to satisfy the recordkeeping requirements. An officer or employee who files an FBAR to report signature authority over an employer’s foreign financial account is not required to personally retain records regarding these foreign financial accounts.

• If a filer does not have all the available information to file the return by the June 30 filing due date, the Reference Guide provides that the filer should file as complete a return as possible by June 30 and amend the report when additional or new information becomes available.

TIP: FBAR and FinCen Reports must be e-filed.

For more information, contact by phone or email
(314) 205-9595 or toll free 888-809-9595
INFO@ADVISORYGROUPASSOCIATES.COM

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IRS regulations require us to advise you that, unless otherwise specifically noted, any federal tax advice in this communication (including attachments, enclosures, or other accompanying materials) was not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of avoiding penalties; furthermore, this communication was not intended or written to support the promotion or marketing of any of the transactions or matters it addresses.

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