If you have any offshore assets, you may be required to file the annual Report of Foreign Bank and Financial Accounts (FBAR), also known as the FinCen Form 114.
The FBAR is due by April 17th, 2018.
Even if you closed your offshore accounts last year, if at any point during the previous calendar year your account(s) value was over $10,000 – you should file the FBAR by April 17th.
Please find helpful guidance from the IRS below:
As stated on the IRS website, there is an automatic six-month extension granted to the filing deadline. Specific requests for this extension are not required. (Source)
Please note that each (offshore) account must be listed on your FBAR, e.g. Solo401k trust, personal funds, IRA LLC, family trust, etc., that each account will need to be listed on the FBAR filing.
As reiterated by the Financial Crimes Enforcement Network (FinCen – those who are responsible for collection of the FBAR):
Accordingly, the due date for FBAR filings for foreign financial accounts maintained during calendar year 2017 is April 17, 2018, consistent with the Federal income tax due date. Filers who fail to file their 2017 calendar year FBAR by April 17, 2018, have an automatic extension up to October 15, 2018. (Source)
Additionally, you may need to file the 8938 with your 1040 annual tax return.
The Nabers Group team has prepared helpful guides to assist you and your tax advisor in completing the FBAR and Form 8938.
Please note these guides are for educational purposes only. These guides are not a replacement for tax, legal or investment advice. Always seek support of your qualified tax professional.
For further questions, please consult your CPA, attorney and/or tax advisor.