WASHINGTON (6/2/11)--The Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) this week extended for some individuals the deadline for filing Reports of Foreign Bank and Financial Accounts (FBARs) until June 30, 2012. The reports were due to be filed on June 30 of this year. The FBAR filing extensions are limited to:
* Officers and employees of credit unions and other financial institutions that have “signature or other authority over and no financial interest in a foreign financial account of another entity more than 50% owned, directly or indirectly,” by their employing institution; and * Officers and employees with no financial interest in the foreign financial accounts over which they have signature authority or other authority.
FBAR forms are filed annually and are used to report a financial interest in, or signature or other authority over, bank accounts, securities, or other types of financial accounts in foreign countries. FBARs must be filed for accounts that hold over $10,000 in funds at any time during the year, and are required to be filed once per year. For the full release, use the resource link.