If you or one of your clients has a bank or other financial account in a foreign country, or has signature authority over such an account, that client may be required to report the account using Form TD F 90-22.1 to the Treasury Department by June 30. Reporting of such accounts may be required, even if they do not generate any taxable income.
Form TD F 90-22.1 is not a tax form and should not be filed with any income tax return. It may be filed either electronically or on paper. However, requests for an extension of time to file this form cannot be granted. Details are on the FBARpage on IRS.gov.
Read more at: Tax Times blog
