You may be required to report the account to the Department of the Treasury.
Any United States person who has a financial interest in or signature authority over any financial account(s) located outside of the United States is required to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. Report by 6/30/13. No extension of time to file is available and a penalty of up to $10,000 can be asserted for each failure to file.
To comply with this law:
Answer FBAR-related questions on federal tax and information returns. For example:
- Check the block on Form 1040 Schedule B, Part III.
- Complete electronic version of Form TD F 90-22.1.
- E-File the form using the FinCEN electronic filing system available at: BSA E-Filing System.
The FBAR must be e-filed by June 30 of the year following the calendar year being reported.
For assistance complying with the law:
For assistance with completing the FBAR: