Form 114 is the form used to report financial interests or signatory authority over foreign financial interests as required under the Report of Foreign Bank and Financial Accounts. The form is filed yearly, and electronically with the Financial Crimes Enforcement Network (FinCen). It is important to note that Form 114 is filed separately from your 1040 individual income tax return. Moreover, certain penalties apply for not filing the Form when you would be required to do so. The video below has been prepared by a tax attorney to provide additional information regarding Form 114.
Speak with a tax attorney in Denver, Colorado or Golden, Colorado at The McGuire Law Firm regarding your tax questions and issues.