Insights

The annual Report of Foreign Bank and Financial Accounts, (FBAR) for 2011, Form TD F 90-22.1, must be received by the Department of the Treasury on or before June 30, 2012.

Who Must File an FBAR

United States persons are required to file an FBAR if:

1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and

2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.

A United States person means U. S. citizens; U. S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

Failure to file an FBAR when required to do so may potentially result in civil penalties, criminal penalties, or both

If you need last minute assistance in completing and filing your FBAR, call your Schneider Downs representative.

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This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

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