IRS Releases Reference Guide on the Report of Foreign Bank and Financial Accounts ("FBAR")

The IRS has released the IRS Reference Guide on the Report of Foreign Bank and Financial Accounts (FBAR) to educate and assist U.S. persons who must file FBARs and tax professionals who prepare and file FBARs, and to support IRS examiners to in their administration of FBAR examinations.A U.S. person (U.S. citizen, resident,  business entity--including some disregarded entities, trust or estate) must file an FBAR if the person has a financial interest in or signature authority over any financial accounts outside the U.S. and the aggregate maximum value of the accounts is $10,000 at any time during the calendar year.In order for an FBAR to be filed timely, The Department of Treasury must receive it by June 30 (as opposed to it being postmarked with a date on or before June 30).  Electronic filings of FBARs are now mandatory. Want to further discuss these issues?  Contact me at 954-944-3929 or nrumbak@rumbaklaw.com.*This document contains legal information, but does not contain legal advice.