By: Coleman Jackson, Attorney, CPA
June 29, 2015
If you have a financial interest in or signature authority over one or more financial accounts, including bank accounts, brokerage accounts, mutual funds, foreign trust, or other financial assets located overseas, exceeding certain threshold amounts, the Bank Secrecy Act may require you to report the account yearly to the U.S. Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FINCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).
Many recent immigrants to the United States of America may not know much about the FBAR reporting requirements. And many U.S. citizens or lawful permanent residents residing overseas may not know that they too must comply with the FBAR requirements if they meet the reporting thresholds. Failure to comply could expose U.S. Citizens and Lawful Permanent Residents to severe penalties. Criminal and Civil fines could apply. Act right away, and consult legal counsel if you have signature authority or ownership interest in foreign financial accounts and offshore assets.
The deadline for filing the current FBAR is June 30, 2015. This is a mandatory filing if you are subject to the FBAR filing requirements. If you have missed an FBAR filing requirement in the past; you might qualify for an IRS Amnesty Program that could permit you to come into compliance with FBAR reporting requirements.
This blog is written by the Immigration & Tax Law Firm of Coleman Jackson, P.C. It is for informational and educational purposes and does not create an attorney-client relationship between this law firm and the reader. If you have questions about your particular situation regarding federal or state taxation or immigration matters, you should consult with independent legal counsel with respect your individual situation or circumstances.
Coleman Jackson, PC
Immigration & Tax Law Firm
6060 North Central Expressway
Dallas, Texas 75206
Law Firm Site: www.cjacksonlaw.com
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