FBAR Deadline is June 28, 2013

This month we remind taxpayers of the upcoming June 30, 2013 deadline for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), to report financial interests in, or signature authority over, foreign financial accounts.

There is no extension to provide any additional time to report financial interests in foreign financial accounts.  In general, and subject to certain exceptions, persons having either a financial interest (as defined) or signature authority (as defined) over a foreign bank, brokerage or other financial account during a calendar year must report it to FinCEN (not the IRS) by June 30 of the following year on Form TD F 90-22.1.

Note that this is not a tax filing, so FinCEN must receive the TD F 90-22 no later than June 30, 2013, which this year is a Sunday so Friday June 28, 2013 is the true deadline; the filer cannot rely on the postmark to establish timely filing.  Significant penalties apply to taxpayers who fail to timely fail their FBAR.

This will be the last year individuals may file paper FBARs. Beginning July 1, 2013, individuals must file using FinCEN’s electronic filing system.