Practitioners who have clients with overseas accounts should alert them now that the FBAR (Foreign Bank and Financial Accounts Report) form must be received by the Department of Treasury no later than June 28 this year. Although the actual due date is June 30, this year it falls on a Sunday and there is no extension of the due date when it falls on a weekend.
FBAR should not be confused with FATCA (Foreign Account Tax Compliance Act), which was enacted as part of the HIRE (Hiring Incentives to Restore Employment) Act. The FATCA form, IRS Form 8938, is filed with the tax return, while the FBAR form, TF 90-22.1, is filed by the end of June of the year following the account activity it reports.
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