Tag Archives: TDF 90.22-1

FBAR – Form TD F 90-22.1

January 30, 2013  |   Posted by :   |   FATCA/FBAR   |   0 Comments

*In FBAR FAQ #26 (posted on 6/24/09), the IRS confirmed that the revised version of Form TD F 90-22.1 (revised October 2008) should be used to report foreign accounts (including prior delinquent years): If I had an FBAR reporting obligation for years covered by the voluntary disclosure, what version of the Form TD F 90-22.1 […]

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FBAR – Tax Practitioners and Professional Responsibility

January 10, 2013  |   Posted by :   |   FATCA/FBAR   |   0 Comments

U.S. Taxpayers, who fail to file FBAR’s to disclose foreign bank accounts, may seek a reasonable cause exception based on their “tax preparer’s” failure to file the FBAR. Tax Practitioners (Attorneys, CPA’s) must comply with the FBAR rules as part of their due diligence (as to accuracy) obligation under IRS Circular 230 (Section 10.22). The […]

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FBAR – Annual Filing Requirements and Reasonable Cause Exception

January 07, 2013  |   Posted by :   |   FATCA/FBAR   |   0 Comments

In April 2003, the Financial Crimes Enforcement Network delegated authority of the TD F 90-22.1 form (i.e., FBAR form) to the Internal Revenue Service (see IR 2003-48 (4/10/03); 31 CFR §103.5(6)(b)(8)). The IRS enforces all penalties associated with the FBAR with the same power it enforces tax reporting and payment compliance. The IRS has been […]

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FBAR – Amended Tax Returns and the Risks of Voluntary Disclosure

December 26, 2012  |   Posted by :   |   FATCA/FBAR   |   0 Comments

U.S. Taxpayers who fail to report offshore accounts by filing FBAR (TD F 90.22-1) face criminal and civil penalties: 1. Failure to Report Income (3 Felonies and 1 Misdemeanor) up to 14 years in jail, plus 75% Civil Tax Fraud Penalty, 25% Failure to Pay Tax Penalty. 2. Failure to File FBAR’s (a maximum annual […]

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FBAR – U.S. Taxpayer Tax Compliance Issues

December 20, 2012  |   Posted by :   |   FATCA/FBAR   |   0 Comments

FBAR rules are not found in the Code. Rather, they are set forth in the Bank Secrecy Act, first enacted by Congress in 1970. Since 2003, however, the IRS bears ­re­sponsibility for enforcing these rules. The FBAR rules require that every U.S. Person report (i) any financial interest or authority over a (ii) financial account […]

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FBAR – Civil and Criminal Penalties

December 20, 2012  |   Posted by :   |   FATCA/FBAR   |   0 Comments

Each U.S. Person who has a financial interest in, or signature or other authority over, one or more foreign financial accounts (value over $10,000, at any time during a calendar year) is required to report the account on Schedule B/Form 1040, and TD F 90-22.1 (Report of Foreign Bank and Financial Accounts (FBAR)), due by […]

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FBAR – Revised Form TD F 90-22.1

June 07, 2012  |   Posted by :   |   FATCA/FBAR   |   0 Comments

In October 2008, the IRS issued a revised version of TD F 90-22.1 “Report of Foreign Bank and Financial Accounts (“FBAR”). The revised FBAR form states: “Do not use previous editions of this form after December 31, 2008”. All FBAR’s due for Tax Years 2008 (forward) and back year FBAR’s (unfiled) are to be reported […]

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FBAR – Failure to File Penalties

June 04, 2012  |   Posted by :   |   FATCA/FBAR   |   0 Comments

A willful violation of the Form TD F 90.22-1 requirements (i.e., failure to file Form TD F 90.22-­1, failure to supply information on the report, or filing a false or fraudulent report) could result in the imposition of civil and/or criminal penalties.  (The instructions for Form TD F 90.22-1 specifically provide that criminal penalties for […]

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FBAR – U.S. Trustee Foreign Non-Grantor Trust

May 31, 2012  |   Posted by :   |   FATCA/FBAR   |   0 Comments

A U.S. trustee of a foreign non-grantor trust must file Form TD F 90-22.1 if the Trustee has a financial interest in or signature authority or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country if the value of such accounts exceeds $10,000. A person […]

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FBAR – Exceptions & Mechanics of Filing

May 14, 2012  |   Posted by :   |   FATCA/FBAR   |   0 Comments

Exceptions Notwithstanding the general rules, Form TD F 90.22-1 is not required to be filed under the following circumstances: 1) An officer or employee of a bank which is subject to the supervision of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, or the Federal […]

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