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HORNE Tax Alert
Report of Foreign Bank and Financial Accounts (FBAR)
If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund or other type of financial account, then you may be required to annually report the account to the Department of the Treasury. Under the Bank Secrecy Act, each United States person must file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if:
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The person has a financial interest in, or signature authority (or other authority that is comparable to signature authority) over one or more accounts in a foreign country
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The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year
A United States person is not prohibited from owning foreign accounts but civil and criminal penalties may apply for failures to properly file FBARs when required.
The annual due date for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), is June 30. The FBAR must be received by the IRS on or before June 30. Unlike tax returns, the FBAR is considered filed on the day it is received by the IRS. Postmarks are not considered evidence of timely filing.
Your HORNE tax advisor is ready to assist you with your reporting obligation. Please contact your HORNE advisor or local office today.
Links
- 2011-2012 Tax Guide Now Available
- Mississippi Secretary of State’s Limited Liability Company (LLC) Annual Report Grace Period Ends December 1, 2011
- IRS Explains Tax Treatment of Employer-Provided Cell Phones
- Mississippi STEPS 2 Program--Registration Deadline Set for Sept. 30
- Expanded 1099 Reporting Requirements Repealed
- The 2010 Tax Relief Act
- Post Election Year-End Tax Planning
- Small Business Jobs Act
- Mid Year Tax Planning
- Foreign Bank and Financial Accounts
- Health Care Reform - Tax Provisions You Need to Know
- FICA Taxes on Severance Pay
- HIRE Act
- Estate Tax Uncertainty
- COBRA Premium Subsidy Extended 12.28.09
- Worker Homeownership and Business Assistance Act of 2009
- HORNE's 2009-2010 Tax Planning Guide
- IRA to Roth IRA Conversion
- Federal Tax Credits for Energy Efficiency
- ARR Act 2009 Financial Institutions
- ARR Act 2009 Individuals
- ARR Act 2009 Businesses
- Tax Law Benefits
- 2009 Mileage Rates
- New Economic Relief Act Benefits 2009
- Recent Developments that May Affect Your Tax Situation
- Disaster Victims Qualify for Tax Relief
News
IRS encourages taxpayers to e-file, Deadline to File Your Tax Returns is April 17
The Internal Revenue Service on Tuesday began accepting e-file
and Free File returns for the 2012 tax-filing season. Taxpayers
have until April 17 to file their 2011 returns and pay any tax due
because April 15, the usual tax filing deadline, falls this year on
a Sunday.
HORNE Tax Alerts
View up to date tax information from HORNE's tax team
Mississippi Taxpayer Access Point (TAP) Notice
Mississippi Department of Revenue has issued an important notice
that was mailed on October 20th, 2011 concerning its new online
Taxpayer Access Point (TAP). The notice informed each
applicable taxpayer of their online account identification
number. The taxpayers receiving this notice include
those subject to Corporate and Franchise Tax, Pass-Through Entity
Income Tax (such as Partnership, S-Corporation and LLC), Gaming
Taxes and Fees, Insurance Premium Tax, Finance Privilege Tax, and
Beer/Tobacco taxes.
Events
Annual Tax Update
January 26, 2012: Jackson, MS-HORNE tax professionals will
present a state and local tax update and an employment tax update
at this joint meeting of Association of Government Accountants and
American Society of Women Accountants.