The Internal Revenue Service on Wednesday reminded taxpayers with offshore accounts of two important June deadlines related to Foreign Bank and Financial Accounts filings and the Foreign Account Tax Compliance Act.
All taxpayers with a FBAR filing requirement must report their foreign assets by June 30, with those taxpayers living abroad who are required to file the FATCA-related Form 8938 must do so with their tax returns by June 15.
The IRS notes that FBAR filings have “risen dramatically” in recent years as FATCA phases in and other international compliance efforts have raised awareness among taxpayers with offshore assets.
The IRS urged taxpayers with foreign assets, “even relatively small amounts,” to check if they have a filing requirement.
“The vast majority of taxpayers pay their fair share,” said IRS Commissioner John Koskinen, in statement. “The FBAR and FATCA filing requirements make it tougher for that relatively small number of taxpayers trying to hide assets and income offshore. Taxpayers are encouraged to review the rules and disclose their offshore assets.”
All taxpayers with a FBAR filing requirement must report their foreign assets by June 30, with those taxpayers who are required to file the FATCA-related Form 8938 must do so with their annual tax return by the due date (including extensions) of that return. For taxpayers within the United States this would be April 15 and Oct. 15. For taxpayers living outside of the U.S., this would be June 15 and Oct. 15.