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June 2012
FBAR Filing Deadline Is Fast Approaching
By: Richard J. Horne, Esq.
As we have previously advised, federal law requires that any U.S. person or entity with a financial interest in, or signature or comparable authority over, any foreign financial account file an annual Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1 ("FBAR") if the aggregate value of such account exceeds $10,000 at any time during the calendar year. Except for those who are covered by the exception discussed below, FBARs for 2011 must be received (not merely filed) by the Department of the Treasury by June 29, 2012.
As discussed in a prior Alert, in June 2011 the Financial Crimes Enforcement Network ("FinCEN") extended the FBAR filing deadline for 2010 and earlier calendar years to June 30, 2012, for certain employees or officers of investment advisers registered with the Securities and Exchange Commission who have signature authority over but no financial interest in certain foreign financial accounts of persons who are not investment companies registered under the Investment Company Act of 1940. In Notice 2012-1, FinCEN further extended this deadline for another year. Accordingly, FBARs for 2012 and earlier calendar years for persons described in this paragraph will now be due by June 30, 2013.
We will continue to monitor developments concerning the FBAR reporting rules.
Please contact the author for further information.
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Lowenstein Sandler makes no representation or warranty, express or implied, as to the completeness or accuracy of the Alert and assumes no responsibility to update the Alert based upon events subsequent to the date of its publication, such as new legislation, regulations and judicial decisions. Readers should consult legal counsel of their own choosing to discuss how these matters may relate to their individual circumstances.
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