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Polydor Financial Services is a BSA E-Filer.

The FBAR is filed separately from your tax return and does not go to the IRS.

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FBAR Filing Requirements and FinCEN Form 114

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By law, you must file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts, or "FBAR") if the following are true:

• You're a U.S. citizen or resident taxpayer or domestic business entity

• You own, control, or have signature authority over foreign bank and financial accounts with a combined value over $10,000

FBAR Filing Deadline

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The deadline for the FBAR is April 15, but an automatic six-month extension to October 15.

Who Should File an FBAR?

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You're probably required to file an FBAR if you're:

• A U.S. citizen or green card holder living abroad

• Using personal or business foreign accounts for everyday activities

The reporting requirement covers many types of foreign accounts maintained outside of the United States, including:

• Bank accounts

• Securities accounts

• Certain foreign retirement arrangements

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FATCA Filing Requirements and Form 8938

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The Foreign Account Tax Compliance Act (FATCA) is a part of the government’s efforts to combat offshore tax evasion. American expats of all income levels with foreign accounts and assets should know about it. FATCA requirements impact U.S taxpayers and overseas financial institutions:

• U.S. taxpayers with foreign accounts and assets may need to file Form 8938: Statement of Specified Foreign Financial Assets with their annual U.S. Income Tax Return

• Foreign financial institutions must disclose information about U.S. citizens who hold accounts overseas

Form 8938 is the same as an FBAR in many ways. However, it has lower reporting thresholds and requires you to disclose certain "non-account" assets such as:

• Business and trust ownership

• Certain contractual investments with foreign parties

FATCA Due Dates

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As Form 8938 is filed with your U.S. income tax return, due dates applicable to Form 1040 apply. Automatic extensions for expats living abroad or additional extensions to October 15 can provide more time to collect needed information from foreign financial institutions and determine your filing requirements.