Given the global trend in tax transparency and the U.S. government’s heightened enforcement thrusts against unreported foreign earnings, the requirement to annually report foreign financial accounts on FinCEN Form 114, “Report of Foreign Bank and Financial Accounts” (FBAR), has become an area of increased focus. Electronic filing is now the order of the day, with many companies not only filing the entity’s FBAR, but those of its officers and employees who have signature or other authority over these foreign accounts.
A KPMG report alerts taxpayers to the upcoming filing deadline for calendar year 2015 FBAR reports, with special focus on the current limited exceptions to the annual filing requirements, possible relief from penalties for previous failures to file, and reporting changes made or being proposed for future FBAR filings.
Read an April 2016 report [PDF 208 KB] prepared by KPMG LLP: What’s News in Tax: FBAR reporting: Changes are in the wind
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