Russ Fox of Taxable Talk reminds us that the deadline for U.S. taxpayers to report their ownership interest in a foreign financial account is June 30, 2009. That’s just five days from now so don’t procrastinate.
Get it done.
Now!
So Russ, who needs to file and what is the procedure for filing?
If you have a foreign financial account, or have signature authority over such an account, you must file Form TD F 90-22.1. That form is due on June 30th.Who needs to file?If you take the sum of the maximum balance of your foreign account(s) and it adds up to $10,000 or more, you must file. Foreign accounts include the obvious (bank accounts, credit cards, etc.) and some less obvious accounts such as online gambling accounts.If you’re an accounts payable clerk and you sign the checks for a corporate foreign bank account, you must file the form.
Here is what the IRS website says about the filing of the FBAR form:
A foreign account holder must mail the Form TD F 90-22.1 on or before June 30 of the following year to:
U.S. Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
At this late date, I recommend you take the added precaution and deliver the form via overnight mail.
Oh, and Russ, please tell the people what happens if they file late:
The penalties are extremely steep for not filing. Non-willful violations start at $10,000; willful violations are the greater of half the balance in the account or $100,000.You can also go to ClubFed for this.And don’t forget to spend $5.10 at the post office to mail the form using certified mail, return receipt requested. It’s your proof of timely filing.
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1 response so far ↓
1 FrozenSun // Jan 14, 2010 at 1:57 pm
Pretty nice place you’ve got here. Thanx for it. I like such themes and anything connected to this matter. I would like to read a bit more on that blog soon.
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