If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund or other type of financial account, you may be required to report the account yearly to the Department of the Treasury.
Under the Bank Secrecy Act, each U.S. person must file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if
- The person has a financial interest in, or signature authority (or other authority that is comparable to signature authority) over one or more accounts in a foreign country, and
- The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
A U.S. person is not prohibited from owning foreign accounts but civil and criminal penalties may apply for failures to properly file FBARs when required. The information reported on an FBAR may be used for governmental purposes, including law enforcement and tax compliance purposes.
Due June 30
The annual due date for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), is June 30. The FBAR must be received by the IRS on or before June 30. Unlike tax returns, the FBAR is considered filed on the day it is received by the IRS. Postmarks are not considered evidence of timely filing.
Help in completing Form TD F 90-22.1 is available at (800) 800-2877, option 2. The form is available on this Web site or by telephone at (800) 829-3676. Questions regarding the FBAR can be sent to FBARquestions@irs.gov.