Foreign Bank Accounts – Don’t Forget June 30th Deadline for 2014 Filing
If you have an interest in, or signature authority over a foreign bank account, you may be subject to report that account to the US Government. The minimum value of the account at any point in time during 2014 is $10,000. So if your bank account had a value of $10,000 or more at any time during the year, you have a filing requirement.
The filing is a informative filing only and does not add to the tax you owe. It is filed with the Financial Crimes Enforcement Network which is a bureau of the Treasury Department.
If you have a foreign bank account that falls within these requirements, let us know. LMGW will be able to walk you through the steps to be sure you are compliant and meet the deadline at the end of this month.
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