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IRS Extends Deadline For Reporting Foreign Accounts

by Leroy Baker, Tax-News.com, New York

15 June 2007


Taxpayers have an additional two days this year, until July 2, 2007, to file the Report of Foreign Bank and Financial Accounts (FBAR) form, the Internal Revenue Service has announced.

The deadline for FBAR forms is June 30, 2007. But because June 30 falls on a Saturday, the IRS is allowing taxpayers to file by July 2.

The FBAR form is required for each US person who has a financial interest in, or signature authority, or other authority, over any financial accounts, including bank, securities or other types of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.

The Treasury increased enforcement of the FBAR requirement after a report to Congress in April 2002, published in accordance with Section 361 of the USA PATRIOT Act, said that while more than 2.5 million taxpayers have been audited in the previous three years, the audits discovered and addressed very few FBAR failure-to-file issues.

The FBAR form is not available for electronic filing, but many income tax software packages can prepare a printed copy.


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