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April 09, 2018 at 04:24 PM
The Internal Revenue Service is reminding U.S. citizens and resident aliens, including those with dual citizenship, of the U.S. tax liability and filing requirements coming due, if applicable.
Anyone with a foreign bank or financial account must also remember the upcoming deadline that applies to reports for these accounts, often referred to Report of Foreign Bank and Financial Accounts, or FBARs, is the same as for a federal income tax return.
The 2017 FBAR, Form 114, must be filed electronically with the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, by April 17.
In general, the FBAR filing requirement applies to anyone who had an interest in, or signature or other authority, over foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2017, according to the IRS.
“Because of this threshold, the IRS encourages taxpayers with foreign assets, even relatively small ones, to check if this filing requirement applies to them,” adding that the form to do so is only available through the BSA E-Filing System website.
The IRS also reminded taxpayers Monday that the Offshore Voluntary Disclosure Program will close on Sept. 28.
“Taxpayers with undisclosed foreign financial assets still have time to use OVDP before the deadline,” and can find more information on this at OVDP FAQs.
The IRS stated that it will “continue to use tools besides voluntary disclosure to combat offshore tax avoidance, including taxpayer education, whistleblower leads, civil examination and criminal prosecution.”
