The IRS is reminding taxpayers with foreign assets that they may be subject to a pair of June deadlines.
Reporting of foreign assets and income has been a particular focus of the IRS over the past few years, and we urge any taxpayers with foreign assets and/or income to double check that they have met the requirements.
The Foreign Account Tax Compliance Act (FATCA) became law in 2010 and targets non-compliance by U.S. taxpayers with foreign accounts. Subject to this law, taxpayers with foreign assets over certain thresholds will have to file Form 8938 by June 15.
FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts, that must be filed by June 30 with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the Treasury Department. The form must be filed electronically and is only available online through the BSA E-FilingSystem website.