Under the Bank Secrecy Act and applicable Treasury Regulations, U.S. persons generally must file a Form TD F 90-22.1 (pdf), Report of Foreign Bank and Financial Accounts (commonly referred to as an "FBAR"), by June 30 of the year following any year during which they possessed signature or other authority over, or had a financial interest in, foreign financial accounts whose aggregate value exceeded $10,000 at any time during such calendar year.
In October 2008, the IRS revised the FBAR instructions and, among other changes, significantly broadened the definition of "U.S. persons" required to file the FBAR. These changes resulted in many questions and comments from taxpayers and tax advisors. In response, the IRS issued guidance in 2009 that (1) suspended the applicability of the broader definition of U.S. persons set forth in the October 2008 revised FBAR instructions, and (2) extended the filing deadlines with respect to other types of U.S. persons.
On February 26, 2010, the Treasury Department and Internal Revenue Service (IRS) issued limited relief and released widely anticipated guidance regarding required reporting of certain foreign accounts on the FBAR. The guidance was issued in the form of Notice 2010-23 (pdf) and Announcement 2010-16 (pdf) from the IRS, both immediately effective, and Proposed Regulations from the Treasury Department that would revise the current regulations implementing FBARs. The Proposed Regulations are not effective until adopted in final form, and the Treasury Department accepted written comments to the Proposed Regulations until April 27, 2010.
The Controller's Office has issued guidance and prepared certain parts of the FBAR for those Dartmouth personnel who have an FBAR filing requirement. FBAR forms for all years prepared by the Controller's Office are due in the offices of the Department of the Treasury by (not post-marked by) June 30, 2012.
If you have any questions about your Dartmouth-related FBAR filing requirement, please contact Sarah Gamer at Sarah.Gamer@Dartmouth.edu.
Last Updated: 7/24/12