Tax Alert

June 28 Foreign Bank Account Reporting Deadline Fast Approaching

(June 7, 2013)


Reports of Foreign Bank and Financial Accounts (FBAR) for 2012 on Form TD F 90-22.1 must be received by the Department of Treasury no later than June 28, 2013. The prescribed due date is June 30, however, unlike income tax filings, the deadline is measured by the date received by the Department of Treasury – not the date sent – and the due date is not extended when it falls on a weekend.

U.S. persons with a financial interest or signature authority over foreign bank accounts must file an FBAR if:

  • The U.S. person had a financial interest in or signature authority over one or more financial accounts located outside of the United States. This includes employees, officers, or trustees with signature authority over foreign bank accounts; and
  • The aggregate value of all those financial accounts exceeded $10,000 at any time during calendar year 2012.


“U.S. persons” is defined as U.S. citizens and residents, entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States, and trusts or estates formed under the laws of the United States.

Foreign financial accounts that were reported on Form 8938, “Statement of Specified Foreign Financial Assets,” with an individual income tax return also must be reported on Form TD F 90-22.1.


 

For More Information
John Kelleher
630.586.5274
john.kelleher@crowehorwath.com

Travis Ward
616.233.5503
travis.ward@crowehorwath.com

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