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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).
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- 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.pdf
Who Must File an FBAR.
A United States person that has a financial
interest in or signature authority over foreign financial accounts must file an
FBAR if the aggregate value of the foreign financial accounts
exceeds $10,000 at any time during the calendar year.
businesses/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. For more information about electronic filing, read the FinCEN news release . Help Help with electronic filing technical questions is available at BSAEfilinghelp@fincen.gov or or through the BSA E-Filing Help Desk at 866-346-9478.
There are now procedures to allow the filing of an FBAR by a third party (such as a paid preparer or a spouse) on behalf of the person who has the obligation to file an FBAR. For information pertaining to authorizations for third parties to electronically file and sign FBARs on behalf of an obligated filer, see FinCEN FAQ, Understanding What BSA E-Filing is and What It Offers (June 2013).
