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Any tax information or written tax advice contained herein (including any attachments) is not intended to be and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. (The foregoing legend has been affixed pursuant to the U.S. Treasury Regulations governing tax practice.)
The matters highlighted on this website are presented in general terms and cannot be applied without consideration of all circumstances. NSBN will provide additional details upon request and will be pleased to discuss with our clients or their attorneys the possible effects of these matters in specific situations.
Email Alert
Reporting Funds in Foreign Bank Accounts - Form TD F 90-22.1 due June 30, 2009
June 16, 2009
The Bank Secrecy Act requires you to report money in overseas banks if you have:
- A financial interest in, signature authority or other authority over one or more accounts in a foreign country; and
- The value of an account exceeds $10,000 at any time during the calendar year.
Form TD F 90-22.1, Reporting of Foreign Bank and Financial Accounts, is used to report these accounts and must be filed annually. For 2008, it must be filed by June 30, 2009. This form is not filed with your federal income tax return; it is mailed separately to the IRS. Significant annual penalties apply for the failure to file this form, including the greater of $100,000 or 50% of the foreign account balance for the willful failure to file, a 75% fraud penalty, as well as criminal penalties. The IRS has recently announced a new voluntary disclosure program that provides for reduced penalties in exchange for voluntary disclosure. This program is presently set to expire in September, 2009.
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