As a courtesy to our clients, we want to remind you that foreign account forms are due to be received by the IRS by June 30, 2013. If this might apply to you please continue reading.
If you have a financial interest in or signature authority over a foreign financial account(s), including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account that, combined, exceeded $10,000 at any time during the calendar year 2012, the Bank Secrecy Act requires you to report the account to the IRS by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts. This must be RECEIVED by the IRS by JUNE 30, 2013 and cannot be extended. Penalties for failing to file are $10,000 per account for non-willful violations and may be as high as $100,000 per account for willful violations.
Please contact us immediately with the following information for each account if you need to make this disclosure and would like us to prepare the forms on your behalf.
• Maximum value of account during the year in US dollars and/or foreign currency including currency type.
• Type of account, such as bank or securities.
• Name of financial institution where account is held.
• Account number.
• Mailing address of financial institution including country.
• Who owns the account—you, your spouse or joint.
Also, if you have signature or other authority only over a foreign financial account, in addition to the above information, we will need the following:
• Name or organization name of the owner.
• Tax identification number of owner.
• Address of owner.