Reminder—FBAR June 30 Deadline Fast Approaching

New Foreign Bank Account Report (FBAR) Regulations

United States persons with foreign bank and financial accounts have long been required to annually disclose information to the U.S. Treasury Department. This information is reported on Treasury Form 90-22.1, Report of Foreign Bank and Financial Accounts, commonly referred to as "FBAR." The FBAR is required to be filed not only for outright ownership of an account, but also for accounts owned by entities in which the U.S. person owns a more than 50% interest and for various trust accounts. Penalties for failure to report the required information can be severe, ranging from $10,000 to the greater of $100,000 or 50% of the balance of the account. Criminal penalties may also apply.