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FBAR Deadline Nears
Jun 23, 2015
If you (or someone you know) have a financial interest or signature authority over a foreign checking account AND the account has had a balance in excess of $10,000 at any time duding 2014, you may have an FBAR filing requirement.
There is no tax due when you file this form--it's strictly for informational purposes. Any interest and dividends you earn from these foreign accounts should have already been reported on your tax returns, anyway, so this should have zero tax impact on you. Remember that US citizens and residents have to report their entire world-wide income--not just US income--so the government's just making sure you're doing things properly.
Penalties can be very steep for failing to report it, so don't overlook this. The deadline is 6/30 and it must be in their hands by that date, so mail it 3-5 days before the end of the month.
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