We keep you updated with the latest news from Martin Hood and helpful information whenever there is a change to employment or tax laws.
February 22, 2017
The filing deadlines for the foreign bank account reporting forms, or “FBAR,” have changed!
Previously, this form was due on June 30, but starting for the 2016 filing year, the form will be due by the due date of the federal tax return – April 15 (April 18th this year). The good news is, this deadline can be extended with an extension of your federal taxes, to October 15th. Failure to file those forms on time can result in a penalty of $10,000 or more!
You might need to file these forms if you have the ability to sign for a foreign bank account(s) or own a non-US bank account or foreign retirement account(s). The threshold for the filing requirement is for anyone with account balances that together total over $10,000 at any time during the calendar year. This requirement applies to U.S. citizens and “green card” holders.
If you are one of our tax clients, make sure you mention to us your foreign bank or retirement account during your tax preparation process so that we can treat it properly on the tax forms and help you file any additional forms necessary.
If you are not one of our clients and you would like help navigating these rules and compliance with filing requirements, please give us a call and ask for Nick.