Federal banking regulations require any United States persons with a financial interest in or signature authority over foreign bank and financial accounts with an aggregate balance exceeding $10,000 at any time during the calendar year to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (commonly referred to as the “FBAR” form).
Under the regulations, FBAR filing must be received by Treasury no later than June 30. However, because June 30, 2013, is a Sunday, the Treasury Department has clarified that the form must be received by the Treasury no later than Friday, June 28th. There is no extension available for the form.
In addition to FBAR reporting, a United States person may also be required to report specified foreign assets over certain thresholds on Form 8938, Statement of Specified Foreign Financial Assets. Form 8938 must be filed with the reporting person’s income tax return by the due date thereof (including extensions).
To discuss either of these form requirements, call your Hertzbach tax advisor at 410-363-3200.