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Notable Changes to FBAR Filing for the Upcoming June 30 Deadline

Posted by Admin Posted on June 19 2015

Do you have a bank account or investments overseas? If so you may have a reporting requirement that is due June 30, 2015.

U.S. residents, citizens and entities, including corporations, partnerships and limited liability companies with a greater than 50% direct or indirect financial interest or signature authority over at least one foreign financial account must file the FBAR if the aggregate value of the account(s) at any time in the calendar exceeds $10,000. Types of accounts that must be reported include: securities and brokerage accounts; savings, demand, checking and deposit accounts. Tax-qualified retirement plans are excluded from the reporting requirement.

Please contact us urgently if you are not sure if this applies to you or if you need to file.