FinCEN (Form 114) "FBAR"
Due: April 15 (6-month automatic extension to Oct 15)
If the aggregate maximum amount of all foreign accounts combined at any time during the year exceeded $10,000 for each foreign account that was in your name, or for which you were the owner of record, or for which you have legal title, or for which you were the beneficial owner. The potential civil penalty for missing or incorrect information varies from $10,000, up to the greater of $100,000 or 50% of the value of each account. Criminal penalties and prison time are applicable in limited circumstances.
IRS Form 8938, Statement of Specified Foreign Financial Assets
Due: On the due date of your return, including any applicable extensions.
If you have a foreign financial account, if you have a foreign pension, if you own stock in a foreign corporation, including mutual funds held directly with an institution, a capital or profits interest in a foreign partnership, a note, bond, debenture, or other form of indebtedness issued by a foreign person, an interest in a foreign trust or foreign estate, or an interest in various financial derivatives or swaps, an annuity, or life insurance policy (cash value). The potential penalty for failure to properly provide the following information by the due date is $10,000.
**If you are required to file either of these forms, please complete our Foreign Account Questionnaire**