Form 114 (FBAR) is used to report a financial interest in a foreign financial account, or signature authority over a foreign financial account. Financial accounts include bank accounts, brokerage accounts, mutual funds, trusts, and retirement accounts among other types of accounts. You are required to file this form if the aggregate value of your foreign accounts exceeds $10,000 at any time during the calendar year.
Signature authority may also require filing even if you have no financial interest in a foreign account.
These forms were prepared with your 2013 tax returns, provided we were given the information to complete them at that time. Completed forms would have been uploaded to your portal or mailed to you along with the applicable instructions.
The FBAR form must now be electronically transmitted. Please review your records to confirm that you have filed this form. If the form has not been submitted, please file the form before June 30, 2014. Please be advised that timely filing in this case means received by the Department of the Treasury no later than June 30, 2014. As a reminder, this form holds with it significant penalties for not filing.
If you think you may have a filing requirement and have not had this form prepared, please contact us and we will be able to assist you. We will be happy to answer any other questions you may have regarding the FBAR filing requirements.