Attention Owners of Foreign Bank Accounts! (Yes, Even Canadian Accounts!)

Are you a weekend warrior, ex-pat, or frequent traveler? Do you have a foreign bank account? Then you’re required to file an FBAR, or a Report of Foreign Bank and Financial Accounts. FBARs are required for any U.S. resident, citizen, or entity that has a bank account open in a foreign country – including Canada – for which the value exceeded $10,000 at any point during a tax year.

In 2017, the filing date for FBARs has been moved to April 15, to coincide with the Federal income tax filing season. PLEASE NOTE! This year, the federal income tax due date is APRIL 18, 2017 (due to a holiday in Washington D.C.).

In order to implement the due date change smoothly, filers failing to meet the FBAR annual due date of April 15 (April 18 in 2017) will be granted an automatic extension to October 15 – no specific requests for this extension are required. To read more about the details of the new due date, click here.

Want to learn more about filing an FBAR, or whether you need to file one? Check out this quick reference guide from the IRS.

Need to file an FBAR? The e-filing system can be accessed here.

Questions? Get in touch at 852-3813 or info@allenstreet.net!