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The IRS requires that anyone having a foreign bank or investment account overseas where the balance ever exceeded $10,000 at any time…needs to file Form TD F 90-22.1 with the IRS if either of two situations is true.
- Someone has foreign bank account or investment account and the balance of the account exceeds $10,000 at any time.
- Someone is an account signer on
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- any foreign organization bank account that balance ever exceeds $10,000 at any time. (Examples include being a signer for something like your local church bank account
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- , being a signer for local non-profits, and other things .
What do I need to do?
- If neither
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- of the above two situations apply to you, then you don’t need to do anything. (
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- Reliant expects that most of our
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- international staff will be in this category).
- However, if
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- you own or sign for an account that ever exceeds $10,000, then you will need
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- File to File Form TD F 90-22.1 with the IRS.
- June 30 is the deadline for filing your Form TD F 90-22.1 with the IRS for the previous tax year.
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- The Form must be filed every year.
How do I file an FBAR?
Follow the instructions and use the form on the IRS website (httpsHere is a link to the IRS form and the instructions.
http://www.irs.gov/pub/irs-pdf/f90221.pdfbusinesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar)
Effective July 1, 2013 – Electronic filing of FBARs is mandatory
E-filing is a quick and secure way for individuals to file FBARs. Filers will receive an acknowledgement of each submission. Help with electronic filing technical questions is available at BSAEfilinghelp@fincen.gov or through the BSA E-Filing Help Desk at 866-346-9478.