The Internal Revenue Service cautioned tax professionals Friday that their clients need to submit reports of any foreign bank accounts by the June 30 deadline.
“If one of your clients has a bank or other financial account in a foreign country, or has signature authority over such an account, that client may be required to report the account using Form TD F 90-22.1, "Report of Foreign Bank and Financial Accounts," to the Treasury Department by June 30,” said the IRS in an email to tax professionals. “Reporting of such accounts may be required, even if they do not generate any taxable income.
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