If your business has signature authority over a financial account located outside of the United States and the total value of all foreign financial accounts is greater than $10,000 at any time during the calendar year, you are required to file an FBAR. This form is filed separate from your income tax return and must be filed by June 30th of the year following the calendar year being reported. More information regarding FBAR can be found at www.irs.gov. Please contact us as soon as possible if you meet these requirements as penalties for noncompliance can be severe.
