When is the FBAR Due Date – Tax Attorneys, Tax Lawyers – FBAR Experts 1-866-700-1040
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When is the FBAR due?
The FBAR is due by June 30 of the year following the year that the account holder meets the $10,000 threshold.
The granting by IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR.
Filers cannot request an extension of the FBAR due date.
If a filer does not have all the available information to file the return by June 30, they should file as complete a return as they can and amend the document when the additional or new information becomes available.
Where are FBAR forms available?
FBAR forms are available:
1. Online via IRS.gov in PDF.
2. Online via Department of the Treasury’s Financial Crimes Enforcement Network Web site in PDF.
3. By calling the IRS at 800-829-3676.
Who is responsible to File for FBAR
United States persons are required to file an FBAR if:
a. 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
b. The aggregate value of all foreign financial 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. Correspondent/nostro accounts;
d. Foreign financial accounts owned by a governmental entity;
e. Foreign financial accounts owned by an international financial institution;
f. IRA owners and beneficiaries;
g. Participants in and beneficiaries of tax-qualified retirement plans;
h. Certain individuals with signature authority over but no financial interest in a foreign financial account;
i. Trust beneficiaries; and
j. Foreign financial accounts maintained on a United States military banking facility.
Look to the form’s instructions to determine eligibility for an exception and to review exception requirements.
FBAR Reporting and Filing Information
A person who holds a foreign financial account may have a reporting obligation even though the account produces no taxable income.
Checking the appropriate block on FBAR-related federal tax return or information return questions (for example, on Schedule B of Form 1040, the “Other Information” section of Form 1041, Schedule B of Form 1065, and Schedule N of Form 1120) and filing the FBAR, satisfies the account holder’s reporting obligation.
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.
You 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, MI, on or before June 30th of the year following the calendar year being reported.
While FinCEN strongly encourages individuals to electronically file FBARs, the form can be mailed to one of the two addresses below, provided that the mailing is received by June 30, 2013:
File by mailing the FBAR to:
United States Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
If an express delivery service is required for a timely filed FBAR, address the parcel to:
IRS Enterprise Computing Center
ATTN: CTR Operations Mailroom, 4th Floor
985 Michigan Avenue
Detroit, MI 48226
Delivery messenger service contact telephone number: (313) 234-1062.
Account holders who do not comply with the FBAR reporting requirements may be subject to civil penalties, criminal penalties, or both.
Call us today for more details on FBAR reporting.
