Foreign Account Holders: Don’t Forget to File Your FBARs by the June 30th Deadline (Massachusetts Tax Alert)
Even after April 15, taxpayers with overseas financial accounts and interests must still file FinCEN Form 114: Report of Foreign Bank and Financial Accounts. An FBAR is an information return only; the overseas accounts and interests reported on it are not taxed. However, the penalties for non-filing, or even late-filing, can be severe. Download our analysis below.