There have been several recent developments regarding reporting requirements for foreign financial accounts, commonly known as "FBAR."
Under the FBAR rules, U.S. persons with financial interests in, or signature or other authority over, financial accounts maintained in a foreign country are required to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, with the IRS if the aggregate amount maintained in these accounts during a calendar year exceeds $10,000. In general, the Form TD F 90-22.1 is due by June 30 following the calendar year in which such foreign financial accounts meet this threshold. Significant civil and criminal penalties may apply for failure to comply with FBAR.
This article briefly highlights these recent developments.