2014 FBAR may be the most important (in terms of potential penalties) of all 2014 information tax returns. The FBAR is an abbreviation for the Report of Foreign Bank and Financial Accounts (the “FBAR”). The current official name of the FBAR is FinCEN Form 114 (prior to mandatory e-filing, Form TD F 90-22.1 was the FBAR).
Under the Bank Secrecy Act (31 U.S.C. §5311 et seq.), the Department of Treasury (the “Treasury”) requires that an FBAR is filed whenever a US person has a financial interest in or signatory authority over foreign financial accounts and the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. If you had such a situation in 2014, then you must seek an advice from an FBAR lawyer on whether you need to file the 2014 FBAR.
If you believe that the 2014 FBAR requirement applies in your case, then the 2014 FBAR must be e-filed with the IRS by June 30, 2015. There are no extensions available; the 2014 FBAR must be received by the IRS no later than June 30, 2015.
2014 FBAR Must Be Filed Timely and Accurately to Avoid Penalties
If your 2014 FBAR is not timely filed, then it will be considered delinquent and potentially subject to severe civil and criminal penalties. Similarly, if the 2014 FBAR is incomplete and/or incorrect, then it will also be considered delinquent with potentially an even higher probability of the assessment of the FBAR’s draconian penalties.
Multiple Years of FBAR Delinquency and 2014 FBAR
If you were required to file the FBARs in prior years and you have not done so, you should seek advice of an experienced FBAR lawyer with respect to your voluntary disclosure options. In most cases, the failure to file FBARs in the past should not deter you from filing your 2014 FBAR timely; however, this filing should be done in conjunction with your voluntary disclosure strategy as outlined by your FBAR lawyer.
Contact Sherayzen Law Office for 2014 FBAR Assistance
If you need help with filing your 2014 FBAR or you have multiple years of FBAR delinquency and wish to bring your US tax affairs into full compliance, contact owner Eugene Sherayzen an experienced FBAR lawyer of Sherayzen Law Office as soon as possible. We have helped hundreds of US taxpayers around the world to lower their FBAR penalties and bring themselves into full compliance with US tax laws. And, we can help You!