By: William A. Buck, Esq.
U.S. taxpayers (including individuals, corporations, and partnerships) with a financial interest in, or signature authority over, foreign (outside of U.S.) financial accounts totaling $10,000 or more at any time during the year are generally required to report such foreign financial interest to the Department of Treasury.
To report such a foreign financial interest to the Department of Treasury, U.S. taxpayers must file a Foreign Bank and Financial Account Report (“FBAR”) by June 30, 2015.
Note that this is a separate return filing requirement and is not part of the taxpayer’s regular U.S. federal tax return (i.e., checking the box on Form 1040 does not satisfy this requirement). Note further that even if a U.S. taxpayer does not have actual signature authority over a foreign financial account, but can control it, he, she, or it is subject to the filing requirement.
The deadline for filing the FBAR for calendar year 2015 is fast approaching.
If your clients have questions or need clarification as to the FBAR and its requirements, please see your local Leech Tishman tax professional.
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Leech Tishman is a firm dedicated to providing full-service commercial legal services to individuals, businesses, and institutions. We combine a deep understanding of our clients and their businesses with skilled legal counsel to find solutions. Leech Tishman offers legal services in alternative dispute resolution, bankruptcy & creditors’ rights, construction, corporate, employment, energy, environmental, safety & toxic torts, estates & trusts, government relations, insurance coverage & corporate risk mitigation, intellectual property, internal investigations, international legal matters, litigation, real estate, and taxation. Headquartered in Pittsburgh, PA, Leech Tishman also has offices in Chicago, Los Angeles, New York and Wilmington, DE. For more information call 412.261.1600 or visit us at www.leechtishman.com.