Foreign Bank Account Reporting for U.S. Persons

Some info on reporting foreign account information…

Athletes Abroad

If you are familiar with the term FBAR, you know about the reporting requirement for US persons that had a financial interest in or signature authority over at least one financial account located outside of the United States; and the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year being reported. The form to file this information (FinCEN 114), must be filed electronically by June 30th. Hopefully, it was filed along with your personal income tax return that reported your worldwide income. Just make sure you told your CPA about any of your online poker accounts. Just 3 days ago a court ruled a taxpayer’s online PokerStars and PartyPoker accounts needed to be reported on an FBAR in the case of United States v. Hom, US DC ND California, Case No. C 13-03721 WHA, 113 AFTR 2d ¶ 2014-893.

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