Did you know that you have to file details of your Foreign Bank Accounts with the American authorities?
The deadline for submission of the Foreign Bank Account Reporting (FBAR) Forms is 30 June 2015. This relates that the bank accounts that you have outside the USA during the calendar year ended 31 December 2014.
To decide whether you are required to file an FBAR for 2014 you must check the following:
1. Have a non-US Bank account or have an interest in a foreign account
2. The accumulated total of all your accounts is greater than $10,000. About £6,000 if you are in the UK.
What you need to do is review your bank accounts and look at the highest value of your accounts during the year. Sometimes you could have 2 bank accounts and transfer money between these accounts (i.e. the same money transferred). Once the values are converted to US Dollars and is above $10,000 you must file the form with the Department of the Treasury before 30 June.
Failure to file this form can result is serious penalties.
If you have any questions about this form, please do not hesitate to contact us now at firstname.lastname@example.org.