Wonder if your bank will be reporting your foreign account to the US Treasury. The link below will allow you to check up to see if they are participating. New banks are joining up daily so the fact it is not there now may not mean if will not be there tomorrow.
If the IRS discovers you have foreign accounts and are not filing form 114 (FBAR) form by June 30 following the end of each fiscal year they can assess civil penalties of $10,000 US or more for each year you failed to file that form. There is still time to file this form late but avoid penalties under certain circumstances. Contact us if you wish to know more or want help filing your forms late.
You must go back six years due to the statute of limitations governing that form. If you did not file a correct one in past years, best to amend also to avoid potential problems. Write us at ddnelson@gmail.com or visit our website at www.taxmeless.com
LINK TO CHECK OUT IF YOUR FOREIGN BANK OR FINANCIAL INSTITUTION IS REPORTING TO IRS FATCA Foreign Financial Institution (FFI) List Search and Download Tool
If the IRS discovers you have foreign accounts and are not filing form 114 (FBAR) form by June 30 following the end of each fiscal year they can assess civil penalties of $10,000 US or more for each year you failed to file that form. There is still time to file this form late but avoid penalties under certain circumstances. Contact us if you wish to know more or want help filing your forms late.
You must go back six years due to the statute of limitations governing that form. If you did not file a correct one in past years, best to amend also to avoid potential problems. Write us at ddnelson@gmail.com or visit our website at www.taxmeless.com
LINK TO CHECK OUT IF YOUR FOREIGN BANK OR FINANCIAL INSTITUTION IS REPORTING TO IRS FATCA Foreign Financial Institution (FFI) List Search and Download Tool
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