Taxpayers With Foreign Assets Reminded of Filing Deadlines and Requirements

The IRS notes that federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to fill out and attach Schedule B to their tax return. Certain taxpayers also may have to fill out and attach Form 8938, "Statement of Foreign Financial Assets."


In addition, taxpayers with foreign accounts whose aggregate value exceeded $10,000 at any time during 2013 must file the new Financial Crimes Enforcement Network (FinCEN) FBAR Form 114, "Report of Foreign Bank and Financial Accounts," which replaces TD F 90-22.1. Form 114 is due to Treasury by 6/30/14, must be filed electronically, and is available only online through the BSA (Bank Secrecy Act) E-Filing System website.


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