REMINDER: REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS (FBAR) DUE JUNE 30, 2012BondBeebe
As Spring swiftly becomes Summer, and we’ve had a chance to plan for any required second quarter estimated tax payments, the next date circled on our calendar is June 30th. For those people who own and/or have signature authority over bank or financial accounts held outside of the United States, that date should resonate as well.
United States persons, including but not limited to citizens, trusts, estates, and domestic entities, are required to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), by June 30th. This applies if the total value of assets held in these accounts exceeded $10,000 at any time during the 2011 calendar year.
It’s important to note that, unlike many other filing deadlines, the FBAR should be received by June 30th. A postmarked date of June 30th isn’t going to cut it here.
The filing of the FBAR is not to be confused or substituted with the new Form 8938, Statement of Specified Foreign Financial Assets, which is to be filed with the individual income tax return. For a comparison between the two separate filing requirements, the IRS has recently issued a helpful chart that can be found here: http://www.irs.gov/businesses/article/0,,id=255986,00.html
The requirements for reporting of foreign assets can be convoluted, but if you own or have access to accounts held outside of the United States, now’s the time to talk with someone who can guide you through the murky details. As time seemingly evaporates in the sweltering heat, June 30th will be here before you know it!