We wanted to remind our clients that Treasury Form TD F-90 22.1 “Report of Foreign Bank and Financial Accounts” (commonly known as the “FBAR”) is due on June 30, 2012 with respect to the calendar year 2011. All U.S. persons who had a financial interest in or signature authority over foreign financial accounts must file the FBAR if the aggregate value of the foreign financial accounts exceeded $10,000 at any time during 2011. A U.S person includes citizens and residents and domestic entities generally. The FBAR form and instructions can be accessed here: http://www.irs.gov/pub/irs-pdf/f90221.pdf. Failure to file the FBAR can result in civil and criminal penalties, depending upon the nature of the failure. Please note that the obligation to file this form is separate and independent from the obligation to file Form 8938 with one’s income tax return (new for returns due in 2012). The two forms cover different accounts and assets, and filing of one does not discharge the obligation to file the other.

The FBAR should be filed so that it is received by the IRS on June 30, 2012. The instructions provide two addresses, one for regular mail and one for overnight delivery. We recommend sending the form by either certified mail or tracked overnight mail in order to obtain proof of delivery.