Foreign Account Holders: Don’t Forget to File Your FBARs by the June 30th Deadline (Massachusetts Tax Alert)

Thursday, May 28, 2015

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.