April 14 2021

IRS Issues Fact Sheet on How to Report Foreign Bank and Financial Accounts

Source: IBFD Tax Research Platform News

The US Internal Revenue Service (IRS) has released a Fact Sheet (FS-2021-07, April 2021) with information for US persons to report foreign bank and other financial accounts. The Fact Sheet indicates a last reviewed or updated date of 9 April 2021.

The Bank Secrecy Act (BSA) requires US persons to file a Report of Foreign Bank and Financial Accounts (FBAR) if the total value of their foreign financial accounts exceeds USD 10,000 at any time during the calendar year. Taxpayers required to report their foreign accounts should file the FBAR electronically using the BSA E-Filing System.

The FBAR for calendar year 2020 is due 15 April 2021. FBAR Filers missing the 15 April deadline, however, will receive an automatic extension until 15 October 2021.