Friday, March 2, 2012

Mandatory FBAR e-Filing Postponed

This is a bit specialized, but if you have a foreign bank account it applies to you.
You may recall that you are required to file Form 90-22.1 “Report of Foreign Bank and Financial Accounts” (more commonly called the “F-Bar”) if you keep over $10,000 in a foreign bank account. It doesn’t have to be a secret Swiss account. A Canadian account will do it, for example. We have clients with Mexican real estate that also have bank accounts requiring FBARs.
You were previously required to file that form electronically starting in 2012. Chances are that meant you were going to use a tax preparer, if you were not using one already.
That electronic filing requirement has been delayed one year – until June 30, 2013.

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