“If you have an aggregate of $10,000 or more in foreign financial accounts at any time during the year, you must file an FBAR. And if you don’t, the penalties are what can only be described as cruel and unusual. Starting this year, it must be filed online—paper forms will no longer be accepted. People who are unaware of the change or who forget about it and snail-mail the old paper form may be considered as late filers or worse. So be sure to confirm with your tax preparer or accountant that he or she is aware that the FBAR must now be filed online. The official name of the FBAR also changed, from Treasury Form TD F 90-22.1 to FinCEN Form 114.”
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