Foreign Bank Account Reporting - 6/30 Deadline Imminent
by Jill Clark, CPA, Senior Manager
Did you have an interest in, or signature or other authority over, foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2014? This includes brokerage accounts, mutual funds, trust, or other type of foreign financial accounts. If so, you will not want to miss the June 30, 2015 deadline to disclose those accounts to the U.S. Department of Treasury.
The Foreign Account Tax Compliance Act (FATCA) has made it easier than ever for the U.S. government to ensure that U.S. citizens are properly disclosing their off-shore accounts. As of July 1, 2014 new reporting and withholding requirements went into effect to further prevent tax evasion by U.S. citizens through the use of foreign bank accounts. Read more.