Income Tax ServicesJuly 23, 2013
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Accounting & Tax Services
Do You Have Money Overseas?
Did you know that all U.S. taxpayers, who have a financial interest in, signature authority, or have any other authority over financial account(s) in a foreign country where the aggregate value of those accounts exceeds $10,000 at any time during the immediate prior year, must report that information to the Department of the Treasury?
They must file the Report of Foreign Bank and Financial Accounts (commonly referred to as the FBAR). The due date is June 30th, after the calendar year that ended on December 31st. This due date cannot be extended, even if they are on an extension for federal filing.
The scary part is that the penalties for non-filing (civil and criminal) are severe. The dollar amount of these penalties can range up to 100% of the value of the non-reported foreign holdings.
EP Caine & Associates CPA, LLC can help you with this filing, including requesting that the penalties be abated (removed) if the prior year’s non-filings were due to reasonable causes. For help with accounting and tax services call us at 610-525-2933 or fill out our contact form here.