What time is it?? It’s FBAR time!!!!
If you are a United States person, defined as a U.S. citizen, U.S. resident, or an entity created or organized in the United States, and the aggregate value of ALL foreign financial accounts exceeded $10,000 on any day during the calendar year, you have a FBAR filing requirement. What exactly does this mean?? On or before June 30, 2015 you must electronically file FinCEN Report 114. There is NO extension of time to file. The penalties are harsh if the filing thresholds are met and you fail to properly file a complete and correct FBAR.
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