Potential FBAR Filing Requirement – Deadline October 15
Dear Client,
We wanted to send a friendly reminder that you may have an FBAR filing requirement if you, your business, or a related entity held foreign financial accounts during the year.
An FBAR (Foreign Bank Account Report, FinCEN Form 114) may be required if the combined value of all foreign financial accounts exceeded $10,000 at any time during the calendar year.
The filing requirement can apply to both personal and business accounts, including:
- Foreign bank accounts
- Foreign brokerage accounts
- Certain foreign mutual fund or investment accounts
- Other financial accounts maintained at institutions outside of the United States
Please note that an FBAR filing may be required even if the accounts did not generate any taxable income during the year.
The extended FBAR filing deadline is October 15.
If you had any foreign financial accounts during the year, please let us know as soon as possible. If you are unsure whether this requirement applies to you, we would be happy to review your situation and help determine whether a filing is required.
Since penalties for failing to file an FBAR can be significant, we encourage you to contact us well in advance of the deadline.
If you have any questions, please reach out to us by calling our office at (301) 698-0795 or emailing info@bmcaccounting.com. We are always glad to help.
Best regards,
Brett Hess, President & CEO,
Business Management Company, Inc.
