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City Tower 333 City Blvd West
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Orange, CA 92868-2944
U.S.A.
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Office Hours:
Monday - Friday
08:30 AM - 04:30 PM
Phone: 714-704-4828
Fax: 714-704-1513
Email us now
City Tower 333 City Blvd West
Suite 2050
Orange, CA 92868-2944
U.S.A.
Directions
Office Hours:
Monday - Friday
08:30 AM - 04:30 PM
MAY 2009: Reporting Foreign Bank Accounts - June 30th Deadline
For those who have a Foreign Bank Account, the June 30th deadline is fast approaching. If you do not have a Foreign Bank Account, or if the combined assets in a Foreign Bank Account did not exceed $10,000 during the entire year, you DO NOT need to file this form.
Who Must File TD F 90-22.1
Every US citizen or resident alien, partnership, corporation, estate, or trust must file TD F 90-22.1 if they have "financial interest in or signature authority, or other authority over any financial accounts, 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." (From the Instructions for TD F 90-22.1)
Reporting Foreign Bank Accounts
You must report accounts you hold in foreign banks and other financial institutions if your total balance is $10,000 or greater. The $10,000 threshold is for your aggregate account balances. In other words, your total across all your foreign accounts.
When to File
Treasury Form 90-22.1 is due June 30th of each year to report foreign bank accounts owned in the previous year. If you miss the filing deadline, you should file TD F 90-22.1 to report your foreign bank accounts even if you miss the June 30th deadline. Why? There are very stiff penalties for willfully failing to file this report. You should file the form, and you should attach a brief explanation of why you are filing late. Under no circumstances should you not file Form TD F90-22.1, since that would be a willful failure to fail.
Mail your completed and signed TD F 90-22.1 to the Treasury Department at the following address:
Department of the Treasury
Post Office Box 32621
Detroit, MI 48232-0621
This is not a tax return. This form is informational only.
Forms and Instructions
You can obtain Form TD F 90-22.1 along with instructions for filling out the form from the IRS Website.
Every US citizen or resident alien, partnership, corporation, estate, or trust must file TD F 90-22.1 if they have "financial interest in or signature authority, or other authority over any financial accounts, 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." (From the Instructions for TD F 90-22.1)
Reporting Foreign Bank Accounts
You must report accounts you hold in foreign banks and other financial institutions if your total balance is $10,000 or greater. The $10,000 threshold is for your aggregate account balances. In other words, your total across all your foreign accounts.
When to File
Treasury Form 90-22.1 is due June 30th of each year to report foreign bank accounts owned in the previous year. If you miss the filing deadline, you should file TD F 90-22.1 to report your foreign bank accounts even if you miss the June 30th deadline. Why? There are very stiff penalties for willfully failing to file this report. You should file the form, and you should attach a brief explanation of why you are filing late. Under no circumstances should you not file Form TD F90-22.1, since that would be a willful failure to fail.
Mail your completed and signed TD F 90-22.1 to the Treasury Department at the following address:
Department of the Treasury
Post Office Box 32621
Detroit, MI 48232-0621
This is not a tax return. This form is informational only.
Forms and Instructions
You can obtain Form TD F 90-22.1 along with instructions for filling out the form from the IRS Website.
FAQs Regarding Report of Foreign Bank and Financial Accounts (FBAR)
http://www.irs.gov/businesses/small/article/0,,id=148845,00.html
http://www.irs.gov/businesses/small/article/0,,id=148845,00.html
Additional Questions
Additional questions regarding these issues should be addressed to your CPA or to the IRS toll free tax assistance line (800) 829-1040.
