Internal Revenue Service Reminds Taxpayers to Report Offshore Bank Accounts on FBAR Form

The Internal Revenue Service has issued its annual reminder to taxpayers that they report their foreign assets on their individual tax returns due on April 17, 2018. Individuals with offshore assets such as bank accounts generally have up to three reporting obligations with respect to such assets. First, individuals with foreign bank accounts must answer a series of questions that appear on Schedule B of the Form 1040 tax return. Second, individuals with foreign bank accounts may have to file FinCEN Form 114 (commonly known as the “FBAR” form). Third, individuals with foreign financial assets may have to file Form 8938 (called “Statement of Specified Foreign Financial Assets”) with their tax return. These requirements apply to U.S. citizens and resident aliens (green card holders), including those with dual citizenship. The FBAR form now has the same deadline as individual tax returns (April 17), although an automatic six-month extension is available if…

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