June 30, 2015 FBAR Filing Deadline is Quickly Approaching
The Bank Secrecy Act requires certain U.S. persons to complete and electronically file Form 114, Report of Foreign Bank and Financial Accounts (FBAR), with the U.S. Department of Treasury no later than June 30, 2015.
In general, any U.S. person who has a financial interest in or signature authority over foreign financial accounts with an aggregate value of more than $10,000 at any time during 2014 is required to file Form 114.
U.S. person includes any individual, corporation, partnership, estate, trust, branch or other organization that is a resident of the United States or subject to the jurisdiction of the United States.
Financial interest means that the U.S. person is the owner of record or has legal title of the foreign financial account, regardless of whether that U.S. person is entitled to benefit from the account. This can include a person acting as an agent, nominee, attorney or any other person acting on behalf of someone else with respect to the account.
Signature authority means authority of any individual (alone or with another individual) to control the disposition of the assets held in the foreign financial account.
Financial account includes a bank account, brokerage account, mutual fund, trust and other types of foreign financial account.
In addition, if a U.S. person owns more than 50% of an entity that has a foreign financial account, the U.S. person and the entity must each file Form 114.
If you have any questions with regard to the approaching FBAR filing deadline, please contact Michael Buker, Matt Ehinger, Jaren Hagler or any member of Ice Miller’s Tax practice group.