OUR THOUGHTS ON:

Final Reminder to File 2010 FBAR

Tax

By Ron Kramer

Note: The 2010 FBAR must be in the hands of the Department of Treasury by June 30, 2011.

U.S. persons are required to file a Treasury Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), each year if they have a financial interest in or signature authority over financial accounts, including bank, securities or other types of accounts, in a foreign country if the aggregate value of these financial accounts exceeds $10,000 at any time during the year. There are significant criminal and civil penalties for noncompliance with the FBAR filing requirements. For 2010, the due date for filing the FBAR is June 30, 2011. Extensions of time to file an FBAR are not granted, and currently, electronic filing is not available for FBAR filing.

It is important to note that the FBAR must be received by the Department of the Treasury on or before the June 30, 2011 deadline. Timely mailing is not considered timely filing. Accordingly, filers should allow several days for mailing or express delivery of FBAR to assure delivery by the June 30, 2011 due date.
Where to file the FBAR:

File by mailing to:

Department of the Treasury
Post Office Box 32621
Detroit, MI 48232-0621

If an express delivery service is used, file by mailing to:

IRS Enterprise Computing Center
ATTN: CTR Operations Mailroom, 4th Floor
985 Michigan Avenue
Detroit, MI 48226

If you have any questions regarding FBAR filing requirements, please contact your Schneider Downs representative.

© 2011 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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