Time’s a Wastin’ in Getting Your FBAR Done

The inflexible Treasury deadline for filing the 2011 “Report of Foreign Bank and Financial Accounts” – Form TD F 90-22.1 (FBAR) is rapidly approaching. The FBAR must be received by the Department of the Treasury on or before June 30th of the year immediately following the calendar year being reported. That would be this coming Saturday, which ordinarily means the deadline would be the next business day, but why push it. The penalties for noncompliance are onerous to say the least.

A person who is required to file an FBAR and fails to properly file may be subject to a civil penalty not to exceed $10,000 per violation. If there is reasonable cause for the failure and the balance in the account is properly reported, no penalty will be imposed.

A person who willfully fails to report an account or account identifying information may be subject to a civil monetary penalty equal to the greater of $100,000 or 50 percent of the balance in the account at the time of the violation. Willful violations may also be subject to criminal penalties.

Not something you want to fool around with.