Every U.S. person that had a financial interest in, or signature or other authority over, a foreign financial account during 2014 must electronically file with the U.S. Treasury Department a Financial Crimes Enforcement Network (“FinCEN”) Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”), if the aggregate value of such foreign financial account(s) exceeded USD $10,000 at any time during 2014. If an FBAR for 2014 is required, it must be filed electronically with the Treasury Department on or before June 30, 2015. This deadline cannot be extended.
This reporting obligation is in addition to the IRS Form 8938 (Statement of Specified Foreign Financial Assets) which, if applicable, must be completed and filed with a taxpayer’s U.S. federal income tax return. Unlike the IRS Form 8938, which currently applies only to individuals and is subject to its own set of rules, the FBAR filing obligation extends to domestic entities, including domestic corporations, partnerships, limited liability companies, trusts and estates.
To determine whether a taxpayer has an FBAR filing obligation, a taxpayer should consider the following definitions, which apply to both individuals and entities for FBAR purposes:
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