FBAR Deadline for Filing – Penalty Abatement
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When does FBAR need to be filed:
On or before June 30th of the year following the calendar year being reported.
The FBAR is not filed with the filer’s federal income tax return.
The granting by the IRS, of an extension to file federal income tax returns does not extend the due date for filing an FBAR. The two have nothing to do with one another.
Taxpayers may not request an extension for filing the FBAR.
The FBAR is an annual report and must be received by the Department of the Treasury in Detroit, Michigan, at one of the two addresses below, on or before June 30th of the year following the calendar year being reported.
Federal law requires that any U.S. person or entity with a financial interest in, or signature or comparable authority over, any foreign financial account file an annual Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1 (“FBAR”) if the aggregate value of such account exceeds $10,000 at any time during the calendar year.
Except for those taxpayers of individuals who are covered by the exception discussed below, FBARs for 2011 must be received by the Department of the Treasury by June 29, 2012.
As discussed in a prior Alert, in June 2011 the Financial Crimes Enforcement Network (“FinCEN”) extended the FBAR filing deadline for 2010 and earlier calendar years to June 30, 2012, for certain employees or officers of investment advisers registered with the Securities and Exchange Commission who have signature authority over but no financial interest in certain foreign financial accounts of persons who are not investment companies registered under the Investment Company Act of 1940.
In Notice 2012-1, FinCEN further extended this deadline for another year. Accordingly, FBARs for 2012 and earlier calendar years for persons described in this paragraph will now be due by June 30, 2013.
Who Must File an FBAR
United States persons are required to file an FBAR if:
1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and,
2. The aggregate value of all foreign financial and bank accounts exceeded $10,000 at any time during the calendar year to be reported.
United States person means United States citizens; United States 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.
Exceptions to the Reporting Requirement
Exceptions to the FBAR reporting requirements can be found in the FBAR instructions.
There are filing exceptions for the following United States persons or foreign financial accounts:
a. Certain foreign financial accounts jointly owned by spouses,
b. United States persons included in a consolidated FBAR,
c. Foreign financial accounts owned by a governmental entity,
d. Foreign financial accounts owned by an international financial institution,
e. IRA owners and beneficiaries,
f. Participants in and beneficiaries of tax-qualified retirement plans,
g. Certain individuals with signature authority over but no financial interest in a foreign financial account,
h.Trust beneficiaries and,
i. Foreign financial accounts maintained on a United States military banking facility.
Where do I file the FBAR?
Send completed forms to:
U.S. Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
If an express delivery service is used, send completed forms to:
IRS Enterprise Computing Center
ATTN: CTR Operations Mailroom, 4th Floor
985 Michigan Avenue
Detroit, MI 48226
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