Foreign Asset Reporting in 2017

If you have any foreign financial accounts with total value of $10,000 US or more, at any time in the last year, you MUST E-FILE FinCEN Form 114 with the US Treasury by April 15th of this year. You must file at: http://bsaefiling1.fincen.treas.gov/AddIndividual/User.

This is not part of your tax return; but you are expected to file it. There are huge penaties for not filing, up to the greater of $100,000 or half the value of the accounts!

If you have foreign financial accounts, including foreign stocks and ownership interest, which exceeded $50,000 in value at the end of the year, or exceeded $75,000 in value at any time last year ($100,000 and $150,000 if married filing jointly) you must file form 8938 with your tax return. Your return will need to be paper filed.

Please notify us immediately if this is the case. Penaties may be up to $50,000 for willful neglect of filing. To prevent delay in preparing your return please download and complete one form 8938 for each foreign account at www.irs.gov/pub/irs-pdf/8938.pdf per instructions at www.irs.gov/pub/irs-pdf/i8938.pdf

Beginning in 2017 for 2016 reporting FinCEN Form 114 is now due April 15th rather than the later June 30th due date of the past.