June is FBAR Time!

It’s that time of year again, June. And we all know what June means - no not summer, but FBAR filing time. That’s right; Form 90-22.1 - better known as the FBAR - must be completed and filed by June 30 annually.  Filing FBAR forms are a little bit of a different process than filing your taxes.  First, these forms are not mailed to the IRS, but  to the Department of the Treasury in Michigan.  Second, they must not only be postmarked by June 30, 2010, but they must actually be received at the office by June 30.  There is no extension of time available for filing this form, and if you fail to get your FBAR in by June 30, the penalties are steep.   

Who has the requirement to file an FBAR form you might ask?  According to guidance from the IRS, “each United States person who has a financial interest in or signature or other authority over any foreign financial accounts, including bank, securities, or other type of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.” Good luck filing those FBARS, and remember not to wait until the last minute!

For a consultation, contact Kevin E. Thorn, Managing Partner, at ket@thornlawgroup.com or (617) 692-2989