Individuals and organizations who have a financial interest in or signature or other authority over a foreign financial account are required to file an annual Report of Foreign Bank and Financial Accounts -- known as an FBAR -- with the Treasury Department. But because of final reporting rules put in place earlier this year, some individuals and organizations who never had to file an FBAR in the past will now be required to file one -- and returns for calendar year 2010 must be received by June 30, 2011. Failure to file can lead to civil and criminal penalties.
A wider net: Understanding your FBAR reporting requirements explains what the final rules are, who’s required to file, and what actions filers should be taking now to ensure they are in compliance.
See full Press Release.
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