Filing your Report of Foreign Bank Accounts

Form TD 90-22.1 FBAR

This is a reminder that, the deadline for filing the 2012 Report of Foreign Bank Accounts (FBAR) is 28 June 2013. If you would like assistance with your taxes please contact the US Team on 020 8037 1100.

What is the FBAR?

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require you to report your accounts yearly.

Do I need to file this form?

Generally, you will need to file if you are a US person that has:

  1. a financial interest in one or more non-US bank accounts, or signatory authority over one or more non-US bank accounts, and;
  2. the aggregate balance in those bank accounts exceeds $10,000 at any point during the 2012 year.

Where do I find a copy of the FBAR (and instructions)?

http://www.irs.gov/pub/irs-pdf/f90221.pdf

When is the FBAR due?

The FBAR should be send to the Department of the Treasury and needs to arrive no later than 28th June 2013. No extensions are available in relation to this form.

Where do I file it?

File by mailing to:
Department of the Treasury
Post Office Box 32621
Detroit, MI 48232-0621

If an express delivery service is used, file by mailing to:
IRS Enterprise Computing Center
ATTN: CTR Operations Mailroom, 4th Floor
985 Michigan Avenue
Detroit, MI 48226

What are the penalties for non or late filing?

The importance of filing this report cannot be understated. Please be aware that the Department of Treasury has the ability to enforce civil and criminal sanctions for late filing or for failure to file altogether.

How does this form distinguish from Form 8938?

The Form 8938 is a form that is required by the IRS and forms part of your tax return. The Form 8938 is much wider reaching that the FBAR and we will consider your requirement to file Form 8938 as part of the preparation of your tax return. The IRS have included a table comparing the Form 8938 and the FBAR on their website http://www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements