Report of Foreign Bank and Financial Accounts
Clients who held an interest in one or more foreign bank or financial accounts in 2008 are required to file Treasury Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts”, also known as the “FBAR”, by June 30, 2009.
Pursuant to the Treasury Regulations, each United States person who has a financial interest in or signature or other authority over any foreign financial account (including bank, securities or other types of financial accounts) in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, must file the FBAR with the Department of the Treasury on or before June 30, of the succeeding year.
The penalties for failing to file Form TD F 90-22.1 on time can be harsh. Therefore, if you held an interest in a foreign bank or financial account in 2008, it is imperative that you complete and file Form TD F 90-22.1 by June 30, 2009.
If you have questions or concerns about Form TD F 90-22.1, or if you would like us to prepare and submit a FBAR for you, please contact us.