Keep the Feds Out of Your Swiss Bank Account

Doing Good and Lowering Your Tax Bill

recite-FBAR filing

What is the best way to keep the Feds hands out of your Swiss bank account? Make sure you file your FBAR (Report of Foreign Bank and Financial Accounts) by the deadline on June 30, 2014. This filing requirement applies if you had a foreign bank account balance over $10,000 during the course of 2013. To file you need to complete the form FinCEN Report 114 electronically.

Penalties

There are big penalties for not filing the FBAR. The penalties can range from $500 up to the greater of $100,000 or 50 percent of the account balances, and in some case criminal penalties can apply.

 

If you have an FBAR filing requirement there is a chance you might have other foreign reporting requirements as well. Contact a CPA to determine what your needs are.

Tweet it! File the FBAR by June 30 if you have a foreign bank account with a balance over $10,000. bit.ly/1oCVg2z @BetteHreochberger 

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