Thursday, June 19, 2014

File IRS FBAR forn 114 by JUNE 30

                               IRS FBAR Form 114

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 :

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