The FBAR (Foreign Bank and Financial Accounts Report) deadline is one week away. The FBAR form must be received by the Department of Treasury no later than June 28, 2013. Normally the due date falls on June 30. This date, however, falls on a weekend, which moves the date to June 28. No extensions will be available and I’ll reiterate, that the forms must be received, not just postmarked by the deadline.
Those that need to file an FBAR include US persons, citizens or residents of the US, with interest in, signature or other authority over one or more bank securities, or other financial accounts in any foreign country with a deposit balance over $10,000 at any time during the year. This also includes any person in or doing business in the US as well.
The filing of the FBAR is not limited to individual taxpayers and includes partnerships and corporations. Filing the FBAR also still applies if you have been faithfully reporting the income on your federal income tax return and still applies even if the account produces no taxable income.
Contact your accountant today if you have any questions!