As a US citizen, resident, green card holder or visa holder, you must file an FBAR (Foreign Bank Account Reporting) if you have a financial interest or signature authority over a foreign financial account(s), and the aggregate value of the account(s) exceeds $10,000 at any time during the calendar year. This report is due at the IRS on June 30, 2012. There is no extension available for missing this filing date.
Financial accounts are monetary and non-monetary assets (including bank, brokerage, and investment accounts; insurance and annuity policy cash values; foreign pensions; and mutual funds).
If you are not sure if you need to file a FBAR form, please feel free to contact us for a free consultation.
We will accept your complete information to process and submit it to the IRS until June 25th.
Recently the IRS launched a special program “OVDP” (Offshore Voluntary Disclosure Program) for those who were required to file in the past years but did not. This program is now open with no foreseeable closing date. This special amnesty program allows people that were not previously compliant with filing the FBAR form to disclose the information and get beneficial treatment regarding tax penalties and interest. Our office is familiar with the OVDP program and has prepared filings for several clients.
Please review the past 2011 OVDP from links below:
2011 Offshore Voluntary Disclosure Initiative
If you meet the profile above please do not ignore this matter. We encourage you to contact our office for a free consultation about your specific situation.