Taxpayers with foreign assets may have FBAR and FATCA filing requirements in June

The Internal Revenue Service reminds all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline.

FBAR filings have risen dramatically in recent years as FATCA phases in and other international compliance efforts have raised awareness among taxpayers with offshore assets, an IRS press release said.

The IRS encourages taxpayers with foreign assets, even relatively small amounts, to check if they have a filing requirement.

Separately, certain taxpayers living abroad may also have to file the FATCA-related Form 8938 with their tax returns by the June 15 deadline. (Domestic filers may also be required to file Form 8938, which would have been due by April 15 with their tax returns.)

“The vast majority of taxpayers pay their fair share. The FBAR and FATCA filing requirements make it tougher for that relatively small number of taxpayers trying to hide assets and income offshore,” said IRS Commissioner John Koskinen. “Taxpayers are encouraged to review the rules and disclose their offshore assets.”