It’s June. Have You Filed Your Taxes Yet? →
We’re guessing that not many people are thinking of tax filings on this 8th day of June, but if you’ve got a bank account outside the US with a balance that hit $10,000 or more at any point during the past year, that’s exactly what you should be thinking. From law firm Duane Morris:
“As June 30 approaches and summer vacation plans are beginning to take shape, you can sit back, relax and be glad that you have already taken care of your 2011 Form TD F 90-22.1 filing responsibility with the Internal Revenue Service (IRS). You did file your Form TD F 90-22.1, right? …
Any United States person, with few exceptions, who has a financial interest in, or signature authority or other authority over, any foreign financial account(s) in a foreign country and the aggregated value of these account(s) exceeds $10,000 at any time during the calendar year must file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts. Foreign financial account(s) include, but are not limited to, a checking/savings bank account, brokerage account, mutual fund, trust or other type of foreign financial account.”
Read the update: Yes, You Filed Your 2011 Income Tax Return, but Did You File Your FBAR? - Duane Morris LLP»
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See also:
• FBAR Filing Deadline Is Fast Approaching (Lowenstein Sandler PC)
• 2011 Foreign Financial Account Reporting Requirements (Akerman Senterfitt)
• US Citizens Living Overseas – What You Should Know about Tax (Darrin Mish)
• Know Your Acronyms — Ignorance of International Tax Rules is No Excuse (Lane Powell PC)
