Treasure Department Form T.D. 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”) for calendar year 2010, is due by June 30, 2011.
Please note the following:
- The form is due if you had signature or other authority over one or more foreign accounts with an aggregate value greater than US$10,000 during 2010.
- The FBAR regulations were recently amended. Ownership of foreign annuity policies and foreign life insurance policies are now reportable on the FBAR. Contact us if you have any questions regarding whether you are subject to the FBAR.
- Even if you closed the account(s) during 2010, if the account existed at any point during 2010, an FBAR is required.
- The June 30, 2011 deadline is the deadline for receipt of the FBAR by the Treasury Department (unlike IRS Forms which must be postmarked by, e.g., April 15).
- Even if you have an extension for filing your tax returns, the 2010 FBAR is still due by June 30, 2011. There are no extensions for the FBAR deadline.
- A new FBAR form was issued in March. Please use the most recent version.
- Original signed FBARs should be sent to:
Department of the Treasury
Post Office Box 32621
Detroit, Michigan 48232-0621
We would be pleased to discuss foreign account disclosure and reporting issues, and assist you in preparing FBARs. Please contact us.