The deadline for filing the 2015 form 114 to report your foreign bank and other financial accounts is coming up on June 30th. The form must be filed on line and cannot be extended for any reason. Read more details in this article from Forbes Magazine.
If your foreign asset values exceed a certain amount you may also have to file form 8938 with your tax return. The penalty for failing to file that form is $10,000. That form (if required) must be filed even though you also reported on Form 114.
If you have questions on these forms or on other foreign asset reporting IRS rules, you can request a mini consultation by emailing us ddnelson@gmail.com.
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