June 30th Deadline – Foreign Bank Account Reporting (FBAR)
This Hedge Fund Tax Alert serves as a reminder for filing of Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts. For the calendar year 2011, this should be received (not merely mailed) by June 30, 2012.
By June 30th of each succeeding calendar year, U.S. persons (1) with foreign accounts that in the aggregate exceeded $10,000 at any time during the prior calendar year, or (2) that have signatory authority or other authority over such foreign accounts are required to file Form TD F 90-22.1with the U.S. Treasury
Department. These requirements are often referred to as the FBAR requirements. Complying with the FBAR requirements has received significant attention over the last few years and the FBAR requirements should be carefully reviewed.
The FBAR requirements are separate and apart from the requirements to file Form 8938, which were imposed under FATCA, although the requirements can overlap.