The 2012 Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), is due June 30, 2013. An employee or officer who has signature or other authority over, or financial interest in, foreign financial accounts is responsible for compliance. Unlike other IRS filings, the FBAR must be received by the U.S. Treasury by June 30, 2013.
U.S. persons must file the FBAR if: 1) the person had a financial interest in or signature authority over at least one financial account located outside of the United States; and 2) the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.
U.S. person means U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or LLCs created or organized in, or under the laws of, the United States; and trusts or estates formed under the laws of the United States.
There are some narrow exceptions to the reporting requirements, as well as filing extensions available to certain employees and officers.
If you have questions regarding FBAR filing, please contact Michael Cho at firstname.lastname@example.org or 202.480.2709.
The views expressed in this article are those of the authors and do not necessarily reflect the position or policy of Berkeley Research Group, LLC.
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