Under the Bank Secrecy Act, a United States person is required to file an annual report to the IRS If he has ownership or signature authority in a foreign bank accounts, including commercial bank account, brokerage account, mutual fund, unit trust or other types of financial accounts, and if the aggregate value of these accounts exceed $10,000 at any time during the calendar year.
A taxpayer is qualified as a “United States person” if the taxpayer is (1) a citizen or resident of the United States, (2) a domestic partnership, (3) a domestic corporation, or (4) a domestic estate or trust.” According the recent IRS notice IR-2009-58.
The name of the report is Report of Foreign Bank and Financial Account with a Form number TD F 90-22.1. As you see in my title of the post, the deadline is June 30, 2009. The failure of filing the forms would cost up to $10,000 penalty regardless of whether the lack of filing is willful or not.
A taxpayer is qualified as a “United States person” if the taxpayer is (1) a citizen or resident of the United States, (2) a domestic partnership, (3) a domestic corporation, or (4) a domestic estate or trust.” According the recent IRS notice IR-2009-58.
The name of the report is Report of Foreign Bank and Financial Account with a Form number TD F 90-22.1. As you see in my title of the post, the deadline is June 30, 2009. The failure of filing the forms would cost up to $10,000 penalty regardless of whether the lack of filing is willful or not.
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