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AVOID SUBSTANTIAL PENALTIES - FBAR DEADLINE APPROACHING

Do you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, or other type of foreign financial account? If you do, and certain thresholds are met, then filing of FinCEN Form 114 Report of Foreign Bank and Financial Accounts will be required to avoid substantial penalties.

US citizens, US residents and entities such as corporations, partnerships and limited liability companies are required to file the FinCEN report if they had a financial interest in or signature authority over at least one financial account located outside of the United States and the if the aggregate value of all foreign accounts exceeded $10,000 at any time during the calendar year reported.

The FinCEN filing is a calendar year report filed separately from any other tax returns you may file and applies whether or not the financial account produced taxable income. The FinCEN filing requirement is in addition to other required reporting of foreign financial assets, such as Form 8938 Statement of Specified Foreign Financial Assets, which is filed with along with an individual's Form 1040 return. The deadline for filing the calendar year 2015 Fin CEN report is quickly approaching and must be filed by June 30, 2016. There is no provision for requesting an extension of time to file. Failure to file penalties can be up to $10,000 per violation. If the failure is considered willful then the penalty increases to the greater of $100,000 or 50 percent of the balance in the account at the time of violation.

If you have an interest in or signature authority over a foreign account and have not filed your 2015 report, prior year reports, or would like more information, contact your professional at UHY LLP in Detroit 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040.

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Our firm provides the information in this newsletter as tax information and general business or economic information or analysis for educational purposes, and none of the information contained herein is intended to serve as a solicitation of any service or product. This information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. and UHY LLP are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY Advisors and/or UHY LLP (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.