Whilst the first filing deadline for individual United States income tax returns has now passed, the Report of Foreign Bank Accounts (FBAR) is due for filing by 30 June and can now be filed online.
The report, Form TD F 90-22.1, (Form) is filed separately to Form 1040 and is required to be submitted to the Department of the Treasury in Detroit by 30 June.
Filers need to ensure they use the correct version of the Form (January 2012) if paper filing. Electronically filed income tax returns via the IRS e-file system do not result in submission of the Form to the Treasury Department.
Electronic filers using the website obviously don’t risk rejection of the Form, which gets updated approximately every three years by the Financial Crimes Enforcement Network (FinCEN).