The U.S. Department of Treasury (Treasury) Financial Crimes Enforcement Network (FinCen) Form 114 (formerly Form TD-F 90-22.1), “Report of Foreign Bank and Financial Accounts” (FBAR), for 2015 must be received by the Treasury no later than June 30, 2016. There is no extension available. However, certain individuals filing FBARs for 2011 through 2015 who have signature authority over but no financial interest in certain types of accounts and who have received extensions under prior notices have an extended due date of April 15, 2017.
U.S. persons with a financial interest in or signature authority over foreign bank accounts must file an FBAR if both of the following apply:
- The U.S. person had a financial interest in or signature authority over one or more financial accounts located outside of the United States. This includes employees, officers, or trustees with signature authority over foreign bank accounts.
- The aggregate value of the foreign financial accounts that the U.S. person had a financial interest in or signature authority over exceeded $10,000 at any time during calendar year 2015.
U.S. persons are defined as U.S. citizens and residents; entities including, but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
Foreign financial accounts that were reported on Form 8938, “Statement of Specified Foreign Financial Assets,” with an individual income tax return also must be reported on FinCen Form 114.
All FBARs are required to be electronically filed with the FinCen.