REPORTING OF FOREIGN BANK ACCOUNTS
The IRS, by means of FBAR (Foreign Bank Account Reporting) regulations, requires the disclosures of various foreign financial accounts by certain individuals and entities subject to the jurisdiction of the United States through the filing of FinCEN Form 114 if certain conditions are met.
This form is required to be filed by those under U.S. jurisdiction, including individuals and entities such as corporations, partnerships, trusts and estates, who have financial interest in, or signature authority over, financial accounts including bank, securities, or other types of financial accounts in a foreign country should the aggregate value of these accounts exceed $10,000 (U.S.) at any time during 2014.
The deadline for filing FinCEN Form 114 is June 30th, 2015 and the penalties associated with failure to file if required are substantially high. If you feel you are required to file this form or have any questions regarding compliance we request you contact us ASAP.
Please find attached a form to be filled out so as to assist us in preparing Form FinCEN Form 114 should you be required to file.
Please feel free to email or fax this information to us using the contact information provided. Do let us know should you have any questions regarding this whatsoever.