Form TD F 90-22.1 “Report of Foreign Bank and Financial Accounts” must be received by the IRS before June 30

June 10, 2011 by Mike Verville

The due date for filing Form TD F 90-22.1 – Report of Foreign Bank and Financial Accounts (FBAR) is June 30th. The FBAR must be filed by any US person with a financial interest in or signature authority over one or more foreign financial (bank or investment) accounts where the aggregate balance exceeded $10,000 at any point during the year.

The Department of the Treasury must have received the FBAR by June 30th for it to be considered timely filed. This means if you are mailing this form you must plan accordingly. The FBAR can be filed via express mail such as FedEx and UPS, and you may also walk into any local IRS office and they will forward the FBAR to the Department of the Treasury in Detroit, MI.

June 30th, 2011 is also the filing deadline for certain prior year FBAR’s for signature authority only accounts that were previously deferred.

The penalties for willfully neglecting to file the FBAR could be the greater of $100,000 or 50% of the account balance at the time of the violation. Even without intent, the penalty for non-filing could be as high as $10,000.

So, if you think you may have a financial interest or signature authority over a foreign financial account, please contact Wallace Neumann & Verville, LLP as soon as possible.

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