The Foreign Bank Account Report (FBAR) is a tax document, commonly used by US Expats, which is used to report foreign financial account balances. The FBAR tax deadline has been moved up this year to fall in line with Tax Day. The change should help US expats to remain compliant with their reporting requirements.
Contact us now for details on your reporting requirements.
Previously, FBAR forms had their own separate filing deadline and were due at the end of June. Starting this year, FBAR’s will be due on 18th April, (otherwise known as Tax Day). As a US Expat living abroad, you are entitled to an automatic extension for filing your FBAR and tax return- making the deadline for both 15th June.
There can be series penalties and interest for those who fail to file their FBAR. For those who were not aware they had to file the fine could be as high as $10,000 per violation. On the other hand, those who know their filing obligations and still fail to do so could face a fine of $100,000 or 50% of the balance of the account at the time of violation (whichever is greater).