Reporting of Foreign Bank and Financial Accounts

As a reminder, the Report of Foreign Bank and Financial Accounts, Treasury Department Form 90-22.1 ("FBAR") that is generally required to be filed with respect to foreign financial accounts is due by June 30th. The FBAR is required for all accounts with an aggregate value of in excess of $10,000 at any time during the previous calendar year. It must be filed by U.S. persons (including tax-exempt organizations) who have a financial interest in or signature authority over a foreign financial account. In addition, certain trusts, trust beneficiaries, owners of foreign companies and others must file the FBAR report. Further, an employee of an entity who has signatory authority over a foreign account of an employer may have to file separately and must acknowledge the account on Schedule B of his or her Form 1040.

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