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2012 FBAR Due Date: June 30th or June 28th?

posted Jan 29, 2013, 3:42 PM by Kaitlin Krozel   [ updated Jan 29, 2013, 3:43 PM ]

This year the 2012 Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (a.k.a FBAR) due date of June 30th falls on a Sunday. This is similar to last year when the deadline also fell on a weekend. So will FBAR forms received by the Treasury on Monday, July 1st be considered late? This is an important question as the FBAR instructions state:

"A person who is required to file an FBAR and fails to properly file may be subject to a civil penalty not to exceed $10,000 per violation". 

So this really is the $10,000 question!

As the U.S. Treasury has not yet issued an answer, it is highly recommended to make sure that your 2012 FBAR is received by the U.S. Treasury by Friday, June 28th 2013. Note that the mailbox rule does not apply to FBAR's, which means it needs to be received by the due date, not postmarked by the due date.

Note that there is a way to efile your FBAR, but please read my blog post from June 26, 2012 'FBAR E-File Process...Needs Improvement' before attempting. I had some clients last year who waited until the last minute to efile their FBAR and were not able to navigate through the confusing efile process. Eventually they ended up mailing in their FBAR's past the deadline. Hopefully the 2013 process has improved.

Do you need to file an FBAR?

You have a legal obligation to report all foreign accounts including bank accounts, securities and investments, life insurance, gold holdings, and retirement accounts (this list is not exhaustive) if the total in all accounts added together exceeded $10,000 USD at any one point during the calendar year. This includes accounts over which you have signatory authority and accounts held jointly with a foreign spouse. 

This is a separate and distinct requirement than filing your federal and state income tax returns, which means this is a separate form with a separate due date then your tax return. Failure to file required forms can result in the imposition of both civil and criminal penalties, which can be significant. 

If you have not filed the FBAR in the past and are interested in becoming compliant, I can provide you with information and a list of tax attorneys to discuss filing options.  

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