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ARTICLE · 25 JUNE 2012

FBAR Update: Extended Deadlines, E-Filing Option And New IRS Form 8938

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Every U.S. person with a financial interest in, or signature or other authority over, any financial account outside the U.S. must file an annual report on Treasury Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts, commonly known as an "FBAR") if the aggregate value of all such accounts exceeds 10,000 USD at any time during the calendar year.

United StatesTax
Foley Hoag LLP
Foley Hoag LLP
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Every U.S. person with a financial interest in, or signature or other authority over, any financial account outside the U.S. must file an annual report on Treasury Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts, commonly known as an "FBAR") if the aggregate value of all such accounts exceeds 10,000 USD at any time during the calendar year. Unlike tax returns, which may be mailed on the filing deadline and be considered timely, the FBAR for 2011 must be received by Treasury by June 30, 2012.

As summarized below, over the past year, the Financial Crimes Enforcement Network ("FinCEN") has issued guidance regarding extended filing FBAR deadlines and new filing options. The Internal Revenue Service has also issued a new form (Form 8938) that requires additional disclosure regarding foreign financial assets.

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