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This Year, the Deadline for Reporting Foreign Financial Accounts Is June 28

June 18, 2013

Stan Baranski, CPA
Partner

Taxpayers required to file an annual Report of Foreign Bank and Foreign Accounts (FBAR) with the Treasury Department should keep in mind that the deadline for doing so this year is June 28, not June 30. The due date is slightly accelerated due to an anomaly in Treasury Department filing rules.  

Generally, each U.S. person who has a financial interest in or signature or other authority over any foreign financial accounts (including bank, securities or other types of financial accounts in a foreign country) and if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, must report that relationship each calendar year by filing an annual TD F 90-22.1, FBAR with the Department of the Treasury.  

Foreign Financial Account Reporting

Annual FBARs must be received by the Treasury Department on or before June 30 of the year following the calendar year being reported. This year, June 30 falls on Sunday. Because the FBAR is a Treasury form, the normal Code Sec. 7503 rules for deadlines that fall on Saturdays, Sundays and legal holidays don't apply.  Therefore, this year, FBARs are due on Friday, June 28, and are not considered filed until they are received by the Treasury Department office in Detroit, MI.

Disclaimer: Under U.S. Treasury Department guidelines, we hereby inform you that (1) any tax advice contained in this communication is not intended or written to be used, and cannot be used by you, for the purpose of avoiding penalties that may be imposed on you by the Internal Revenue Service (or state and local or other tax authorities), and (2) no part of any tax advice contained in this communication is intended to be used, and cannot be used, by any party to promote, market or recommend any transaction or tax-related matter(s) addressed herein without the express and written consent of Blum, Shapiro & Company, P.C.

 

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