• June 30th Deadline to File Foreign Bank and Financial Account Report (“FBAR”)
  • June 26, 2015 | Author: William A. Buck
  • Law Firm: Leech Tishman - Pittsburgh Office
  • U.S. taxpayers (including individuals, corporations, and partnerships) with a financial interest in, or signature authority over, foreign (outside of U.S.) financial accounts totaling $10,000 or more at any time during the year are generally required to report such foreign financial interest to the Department of Treasury.

    To report such a foreign financial interest to the Department of Treasury, U.S. taxpayers must file a Foreign Bank and Financial Account Report (“FBAR”) by June 30, 2015.

    Note that this is a separate return filing requirement and is not part of the taxpayer’s regular U.S. federal tax return (i.e., checking the box on Form 1040 does not satisfy this requirement). Note further that even if a U.S. taxpayer does not have actual signature authority over a foreign financial account, but can control it, he, she, or it is subject to the filing requirement.

    The deadline for filing the FBAR for calendar year 2015 is fast approaching.