A "U.S. Person" must file Form TD F 90-22.1 (Report of Foreign Banks and Financial Accounts) with the Internal Revenue Service if they had any financial interest in and/or signature authority over at least one financial account outside the United States and the aggregate value of all of their foreign financial accounts exceeded $10,000 at any point during 2012. A "U.S. person" is considered to include U.S. citizens, U.S. residents, and U.S. entities, including corporations, partnerships, limited liability companies, trusts and estates.
It is important to note that this form is not part of the income tax return, nor is it attached to the taxpayer’s tax return. Instead, it is an informational report filed separately with the Internal Revenue Service. The deadline for filing for the 2012 tax year is on or before June 30, 2013. No extensions of time to file are available, and the filing deadline of June 30 is not for the date of postmark, but rather the date of receipt by the IRS. Because June 30 falls on a Sunday this year, the deadline of receipt by the IRS this year is next Friday, June 28, 2013.
Penalties for failure to file are extensive and can go up to $100,000 or 50% of account balances, whichever is greater. Criminal penalties may also apply.
A link to the form can be found on the IRS website here.
The form must be signed, dated and mailed to:
Department of the Treasury
P.O. Box 32621
Detroit, Michigan 48232-0621
Or if an express delivery service is used:
IRS Enterprise Computing Center
ATTN: CTR Operations Mailroom, 4th Floor
985 Michigan Avenue
Detroit, Michigan 48226
If you hold any interest in and/or have signature authority over any foreign financial account, or if you are unsure whether the reporting requirement applies to you, please contact your TMG Tax Advisor at 901-761-3003.