U.S. citizens or residents who owned, directly or indirectly through an entity, or who had power of attorney/signature authority over one or more foreign financials account with an aggregate value exceeding $10,000 at ANY point in time during 2011 may be required to report such foreign financial accounts. The definition of a reportable foreign financial account includes any investment account, brokerage account, certain pension funds, cash value life insurance or annuity policy, mutual fund, some commodity accounts, and other types of foreign financial accounts.
U.S. citizens and residents with a reportable foreign financial account are required to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, (FBAR). The due date of the FBAR is June 30th. Unlike other IRS forms, the FBAR MUST be received by June 30th, not mailed June 30th. FBARs may now be filed electronically in certain situations.
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