IRS Reminds Taxpayers (Again) to File FBAR before June 30 Deadline

The IRS reminded taxpayers who have one or more bank or financial accounts located outside of the United States that they might be required to file a Form 114 Report of Foreign Bank and Financial Accounts (known as the "FBAR") electronically with the Financial Crimes Enforcement Network ("FinCEN") by June 30, 2016. The filing requirement applies generally to anyone who had an interest in, or signature authority over, such foreign financial accounts the aggregate value of which exceeded $10,000 at any time during 2015.

The IRS noted that in 2015, FinCen received a record high 1,163,229 FBARs, up more than 8 percent from the prior year. FinCEN noted additionally that FBAR filings have grown on average by 17 percent annually during the past five years. Previously, the IRS reminded taxpayers of the FBAR filing deadline on March 15, 2016.