What is the best way to keep the Feds hands out of your Swiss bank account? Make sure you filed 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 of 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 cases, 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.
