The 2016 FBAR (Foreign Bank Account) filing requirement is coming at the end of the June Don’t miss this deadline. No extensions are allowed for late filing of FBAR reports.
FBAR filings are on the rise as more and more taxpayers with foreign assets are coming forward through the Offshore Voluntary Disclosure Initiative, the new Streamlined Filing procedure and other initiatives.
The IRS encourages taxpayers with foreign assets, even relatively small amounts, to check if they have a filing requirement.
U.S. taxpayers who reside outside the United States also have a filing deadline in June (June 15th) for their tax returns, including the Foreign Account Tax Compliance Act filing requirement.
For assistance contact Paul D. Wigg-Maxwell at (973) 507-9760.