If you have assets in a foreign account and the total value exceeded $10,000 at any time, you must file the “Foreign Bank Account Report” (commonly called FBAR) by June 28, 2013. The FBAR is an annual information form, filed separately from your federal income tax return. The 2012 FBAR must be received by the Treasury Department by the deadline, not just postmarked by that date. No filing extension is available, and penalties for failing to file are steep. You may choose to file electronically. For details or filing assistance, please contact our office.
Tags: FBAR Filing
Written by: Doug Rodrigues