Time Running Out to Participate in 2011 IRS Foreign Financial Account Disclosure Initiative
Only One Month Remains to Participate
If you have assets in a foreign bank or securities account then you likely have an annual reporting obligation to the United States government. If you have not complied by filing Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR) on an annual basis, then you should consider disclosing under a temporary relief provision or the IRS’s 2011 Voluntary Disclosure Initiative, both of which expire on August 31, 2011. The temporary relief offered is generous, especially to those who have reported all of their foreign income on their federal income tax returns.
Tags: FBAR