FinCEN Form 114 Due Date Change

 

Post By Jobe Dupre

Are you a U.S. person with a financial interest in or signature authority over a foreign financial account? In other words, do you have or have authority over a bank account in a foreign country? If so, you should be aware of the foreign reporting required, specifically the filing of FinCEN Form 114.

If the aggregate value of this foreign financial account exceeds $10,000 at any time during the year, you must file a FinCEN Form 114. Prior to the 2016 tax year, this form was due on June 30th.  Starting with the 2016 tax year, the form is due April 15th with an automatic extension for all filers until October 15th.

If you have a bank account set up in another country for whatever reason, maybe you have a vacation home or have family in a foreign country, whatever the reason, you may have a filing requirement. Please contact us should you have any questions or concerns with this issue.

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