Tax Topic

Foreign account reporting (no change from 2010)

A report of Foreign Bank and Financial Accounts (FBAR) must be filed by each U.S. person having a financial interest in or signature authority (or other authority) over any financial account in a foreign country if the aggregate value of all foreign accounts exceeds $10,000 US value at any time during the calendar year. The foreign account holder must mail Form TD F 90-22.1 on or before June 30 of the following year. The FBAR is not to be filed with the filer’s Federal income tax return but must be filed and mailed separately. An extension to file your Federal income tax return does not extend the due date for filing an FBAR. There is no extension available for filing the FBAR. Account holders who do not comply with the FBAR reporting requirements may be subject to civil penalties, criminal penalties, or both!

Here is an IRS link for more detailed information: http://www.irs.gov/businesses/small/article/0,,id=148849,00.html

< Back to Tax Topics page