If
you hold foreign bank or financial accounts and the total value of your account
exceeds $10,000 at any time during the calendar year, you may be required to
file a Treasury Department report known as the FBAR. It's easy to overlook this
requirement because it's separate from your federal income tax filing, with a
different deadline and strict rules.
FBAR
refers to "Form 114, Report of Foreign Bank and Financial Accounts."
That form is new this year, replacing the prior Form 90-22.1.
Your
2013 Form 114 must be filed electronically with the Treasury Department no
later than June 30, 2014. No filing extension is available. Contact us if you
need details or filing assistance.
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