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Are You Required To File A Report Of Foreign Bank & Financial Account?

United States persons are required to file a Report of Foreign Bank and Financial Accounts (FBAR) if: (1) you have a financial interest in or signature authority over at least one financial account including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, located outside of the United States; and (2) the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.

If you meet these requirements, the reporting of the FBAR is done by filing a FinCen 114 (Financial Crimes Enforcement Network Form) electronically by April 15, 2017.

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