The Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced that electronic filing (e-filing) of TD F 90-22.1, Report of Foreign Bank and Foreign Accounts (FBAR), won’t be required until June 30, 2013.
Although FinCEN previously required that the forms must be e-filed from July 1, 2012, FinCEN has announced a general exemption from mandatory electronic filing of FBARs until July 1, 2013. The temporary exemption notwithstanding, FinCEN encouraged FBAR filers to voluntarily take advantage of the benefits of using e-filing and reminded taxpayers that the temporary e-filing exemption does not relieve any person of the obligation to file an FBAR and does not affect the required date by which any given FBAR must be received by Treasury. The due date for FBAR filing is June 30th of each year. The report must be received by the Department of Treasury on or before that date.
Our Former IRS Attorneys continue to assist taxpayers with foreign bank account compliance, including FBAR issues and Offshore Voluntary Disclosure Program questions. For a consultation, please contact us at 310-550-6200