Deadline: Foreign Bank Account Reports Due June 30, 2013

Any U.S. person who has a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value over $10,000 (on any day of the year) must report the accounts to the Treasury Department in Detroit, MI by filing Form TD F.90-22.1 (the so-called "FBAR") by June 30 of the following year. Thus, the deadline for 2012 FBAR filings is June 30, 2013.

The FBAR is not filed with the filer's federal income tax return. It is an annual report to the Treasury Department filed by paper or electronically. If filed by paper, it must be received by the Treasury Department on or before June 30, 2013. Since June 30, 2013 is a Sunday, receipt must occur no later than June 28, 2013. An FBAR received on Monday, July 1, 2013, will be deemed late.

E-filing is quicker and more secure. E-filers will receive an acknowledgement of the submission. Beginning on July 1, 2013, electronic filing will be mandatory. FBARs can be e-filed via the following link: http://bsaefiling.fincen.treas.gov/Enroll_Individual.html

Account holders who fail to file FBARs may be subject to civil penalties, criminal penalties, or both. Those who failed to file in prior years face particular concerns which should be addressed on a case by case basis, particularly if income from those accounts was not reported on federal income tax returns.

 

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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