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Boston international tax attorney Kevin E. Under federal law, U. Taxpayers do not have to request this extension—they simply need to file by October However, while this might allow you to breathe a sigh of relief, it is important not to overlook the potential consequences of FBAR non-compliance; and, generally speaking, it is still best to file an FBAR as promptly as possible. Individual taxpayers, businesses, estates and trusts are all required to file FBARs if any or all of their offshore accounts exceed the aggregate value threshold.
Part III of Schedule B asks about the existence of foreign accounts, such as bank and securities accounts, and also requires U. If that describes you, you'll answer "yes. In addition, you may also have to complete and attach Form to your return. See the instructions of this form for details.
If you're required to file, you must file one every year. Not sure whether you must file one for or ? We are here to help. Your FBAR filing instructions for and are the same as the filing instructions in If you own accounts jointly with your spouse, and either none or only one of you own a separate account, you are able file a single report. Otherwise, each spouse must file their own.
If you are filing prior year or an amended form, you must still use FinCEN's website to do so and you must file separate accounts. In short, the answer here is penalties. This is true even if you did not know you were required to file. The FBAR penalties are much steeper if you knowingly fail to file. Have questions about filing?
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