U.S. citizens urged to file IRS bank report

U.S. citizens who have had an aggregate amount of $10,000 in foreign bank accounts last year are supposed to file with the U.S. Internal Revenue Service by June 30.

That word comes from  U.S. Tax and Accounting, which specialized in handling tax reports for U.S. citizens.

The document is the  Report of Foreign Bank Accounts, known as FBAR.

“Unlike a tax return deadline, there is no extension for the FBAR deadline,” said the firm in a release. “While the treasury department does not always assess the maximum fines, a late filed FBAR can legally be subject to a $10,000 fine.”

The company noted that the rules also apply to resident aliens in the United States.

The $10,000 figure is the threshold for the year even if that amount was only in the accounts for a day.

This entry was posted in Costa Rica News. Bookmark the permalink.