Foreign Reporting – All Taxpayers

Posted by BKHM CPAs on Wed, Feb 08, 2017 @ 11:22 AM

The IRS requires the annual reporting of foreign bank accounts and foreign financial assets if certain requirements are met. The deadline for this initial reporting has historically been June 30. However, effective for 2016, the due date for the Report of Foreign Bank and Financial Accounts is April 15th and can be extended in certain circumstances.   Although an information return, the penalties for failure to file can be substantial.

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Topics: Foreign Reporting