The FBAR…No News is Good News!
If you have more than $10,000 USD in foreign banks, you must file a Foreign Bank Account Report (FBAR), Form number TD F 90-22.1, reporting the financial institution(s) name, address, account number and highest balance of the year. This informational tax form is filed with the United States Department of Treasury every year by the final June 30 due date. No extensions are allowed.
Starting July 1, 2013 the United States Treasury now requires all FBARs to be filed through their own BSA ELECTRONIC EFILING SYSTEM for all current and previous years. The system requires Adobe Reader 10.0 or above, a fairly complicated registration process, and electronic form preparation/submission. An easy process, it is not.
If you need an FBAR and wish to file your own, you may go to www.irs.gov for general directions, or Google “bsa efiling system” and you will find all the information you need to make this happen. Or, if you quickly realize that this is more than you bargained for, you can contact us at www.expatriatetaxreturns.com for assistance…we are happy to file them for you @ a flat fee of $100 per year.