CONTRIBUTED BY
Asher Bearman
asher.bearman@dlapiper.com
Now is the time for US persons to complete and file their FBARs for 2010, or to confirm their entitlement to an extended due date (for 2010 or a prior year).
By way of background, US persons need to make an annual filing with the Department of the Treasury to report a “foreign financial account” in which they have a financial interest, or over which they have signature authority, when the aggregate value of the account or accounts exceeds $10,000 (Form TD 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR)).
The “mailbox rule” does not apply to FBAR filings, so the Department of the Treasury must receive FBARs by June 30, 2011.
More information regarding these reporting requirements is available here: