Last Chance for Clients to File Foreign Financial Accounts Reports for 2023

 

Individuals, partnerships, corporations and others that have financial interests in, or signature authority or other authority over, bank, securities or other financial accounts in a foreign country are required to annually report these if the balance is over $10,000 at any time during the year. The report for 2023 was due April 15, 2024, but there is an automatic extension (no request required) until Oct. 15. FinCEN Form 114 can be e-filed up until that date to avoid harsh penalties ($10,000 for each unreported account unless it is willful, in which case the penalty rises to the greater of 50% of the largest balance during the year or $100,000). For more information, see https://www.irs.gov/pub/foia/fincen-form114-fbar.pdf.