New FBAR Form: January 2012
In January of 2012, the IRS issued a new version of the Treasury FinCEN Form 114 formerly Form TD F 90-22.1, popularly known as the “FBAR” (the Report on Foreign Bank and Financial Accounts).
This is a third revision of the FBAR in less than one year. In March of 2011, the IRS made substantial changes to the FBAR instructions after adopting the final regulations concerning the form. Then, in November of 2011, the IRS revised the form again to reflect certain changes, particularly concerning amendment of a previously filed FBAR.
The latest revision mostly concerns the contact information if you have any questions about the FBARs – a new telephone number and an email address.
Keep in mind that the 2011 FBARs should be filed separately from your tax returns, and they are due on June 30, 2012. This means that the IRS must receive an FBAR on that date; the usual “mailbox rule” (i.e. if the package is mailed on the due date, then it is timely) does not apply to FBARs.
Only the latest version of the FBAR must be used to report your foreign bank and financial accounts. As of March 5, 2012, the January of 2012 version is the latest version.
Contact Sherayzen Law Office For the FBAR Issues
If you have any questions about the FBARs or you wish to determine whether this requirement applies to your case, you need to contact Sherayzen Law Office. Our experienced international tax firm will thoroughly analyze the facts of your case and determine whether an FBAR requirement applies to you and what needs to be reported on the FBAR.
You should also contact Sherayzen Law Office to discuss your case if you were required to file the FBARs for the past years but you have not done so. The FBAR has one of the most severe penalty structures in the entire Internal Revenue Code, and it is important to secure the professional help of Sherayzen Law Office to properly deal with this issue.