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Foreign Bank & Financial Account Reporting: Deadline June 30, 2013

Taxpayers with a financial interest in or signature authority over a foreign financial account, or the aggregate value of all foreign accounts exceeded $10,000 at any point in the reporting year (2012), are required to file a yearly report of that account to the IRS. This report,  TD F 90-22.1, is due by June 30th of the following calendar year.  Taxpayers should note that they could be subject to FBAR filing requirements even if their foreign account did not generate any taxable income.  The penalties for failing to file  TD F 90-22.1 range from civil penalties of $10,000 for non-willful violation, or the greater of $100,000 or 50% of the account balance for willful violation, and criminal penalties of up to $500,000, 10 years in prison, or both. If a taxpayer failed to file this report in previous years, they could avoid these penalties by filing delinquent reports and a statement of explanation.  If you have questions as to whether these requirements apply to you, or need to file a report, contact your tax professional immediately.

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