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IRS continues to focus on foreign account reporting, FBAR filing deadline is June 30th According to an alert from law firm K&L Gates , the June 30th deadline for US citizens and companies to report their foreign bank and financial accounts to the IRS is fast approaching, and the IRS has launched a new initiative to enforce compliance with this requirement. Thus, we would like to make sure that investment advisers and unregistered investment funds are aware of their reporting obligations in this area.

In general, regulations require that any United States person having a "financial interest in" or "signature authority, or other authority" over a bank, securities, or other type of financial account in a foreign country must report such relationship for each calendar year such relationship exists by filing Form TD F 90-22.1 (also known as the FBAR) with the Department of the Treasury on or before June 30 of the succeeding year.

A new FBAR Form with additional instructions regarding who must file was issued by the IRS in October 2008. Noteworthy changes were expansions of the definitions of United States person, financial account, financial interest and signature authority.

This means that some persons who were not required to file in the past are now required to file the form. No report is required if the aggregate value of the financial account does not exceed $10,000 at any time during the calendar year. ......................

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