When is a taxpayer who completes a 2022 return and answers "Yes" to the FBAR question on Schedule B required to complete FinCEN Form 114?
Deadline for Submitting FinCEN Form 114
The taxpayer who answers "Yes" to the FBAR question on Schedule B is required to complete FinCEN Form 114, also known as the Report of Foreign Bank and Financial Accounts (FBAR), by June 30, 2023. This deadline is set by the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, for filing FBAR reports. It is important to note that this deadline is different from the regular tax filing deadline, which is typically April 15th but may vary in certain years. Therefore, taxpayers who meet the criteria for filing an FBAR must ensure that they submit the form by the specified June 30th deadline.
Final Answer: When is the deadline for a taxpayer who answers "Yes" to the FBAR question on a 2022 return to submit FinCEN Form 114?
Deadline for Submitting FinCEN Form 114
If a taxpayer completes a 2022 return and answers "Yes" to the FBAR question on Schedule B, they are required to complete and submit the FinCEN Form 114 by April 18, 2023. This date aligns with the due date for federal income tax filings. The FinCEN Form 114, better known as an FBAR (or Foreign Bank and Financial Accounts report), needs to be filed by taxpayers who have a financial interest in or signature authority over foreign financial accounts, if the aggregate value of these accounts exceeds $10,000 at any point during the calendar year.