Wednesday, June 10, 2015

IRS FBAR Form 114 for 2014

The nice government men  request we tell them annually all about our foreign financial holdings. The Form 114  needs to be filed by June 30.  This year you must 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)!

       Or Go to : http://bsaefiling.fincen.treas.gov/main.html
                     

You will see the official site with instructions.  
Click on   PDF form Start now, 
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 2014.

Note:  Form 114A does need to be filed.
The IRS helps number for FBAR is (866) 346-9478

Hope this helps,     Gary