Foreign Bank Account Returns
Foreign Bank Account Returns (FBAR) or FinCEN 114
If you are a US citizen, resident or Greencard holder and you have a foreign bank account or are a signatory on a foreign bank account, you may be required to file a report called an FBAR or FinCEN Form 114 (formerly known as TD F 90-22.1), in addition to your annual US tax return filing responsibility.
The FBAR has a filing deadline of April 15 (adjusted for weekends), however a six-month extension of the filing deadline is available without a specific extension request. This moves the filing deadline to October 15th (adjusted for weekends).
The FBAR covers all foreign bank accounts, pension accounts, trust accounts, and business accounts, which you have a financial or beneficial interest in or signature authority. A return is required if the combined sum of the maximum balances of the accounts exceeds $10,000 for the year.
Failure to file FinCEN Form 114 by the deadline can carry a penalty of $10,000 per account.
Need some advice?
To speak to an adviser about your US/UK Tax affairs, please call Rachel Finch, Director, on 01934 620011. Alternatively, you can send a message to the team now.