With FBAR becoming the latest trend in IRS enforcement many taxpayers were not even aware of FBAR Filing or Due Dates requirements. The IRS is making FBAR a major project because it is yielding Billions of dollars into the Fed Revenue.
It is first important to know who is responsible to file a FBAR Report.
FBAR responsibility.
Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.
It is important to understand that the IRS is currently running matching programs with overseas financial institutions tracing the signatures to US persons to Foreign bank accounts.
Do not forget or ignore the deadline-June 30 FBAR due date.
Form TD F 90-22.1 is a reporting document, not a tax form. That means there is no timely delivered provision. You can’t just have the envelope postmarked by June 30. The Treasury expects to have your Form TD F 90-22.1 in hand on June 30.
The FBAR must be received by the Department of the Treasury on or before June 30th of the year immediately following the calendar year being reported. The June 30th filing date may not be extended.
The IRS has just received $500 million in additional Congressional money and a sizable portion of those funds will be dedicated to running unreported FBAR filers down.
If you are in compliance, absolutely no need to worry.
If you are not sure whether you need to file the FBAR report or just want to have questions answered call us today for a no cost professional tax consult.
You can speak directly to a tax attorney or lawyer. 1-866-700-1040.
All consultations are free.
Remember, if you are in compliance you will never have anything to fear.
