The nice government men request we tell them annually all about our foreign financial holdings. The new Form 114 needs to be filed by June 30. I suggest
you file it electronically. Then you will receive a confirmation email
from the IRS. Keep a copy for your records. The gentle penalties can be up to half of your account balance (willful fraud)!
Google IRS Form
114. Or Go to :
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR
You will see the official site with instructions.
Click on "BSA E-Filing System" (in red), click
"Leave IRS site", click "Report FBAR", Click "Prepare
FBAR". Later click "file FBAR”
If you have a total of over $10,000 in financial
institutions (including Credit unions, Coops, etc.) you must file by June 30 (no extensions).
The Form 114 must show the highest balance for each account
during 2013.
Note: Form 114A does
need to be filed.
The IRS helps number for FBAR is (866) 270-0733
Hope this helps, Gary
