New Mandatory Electronic Filing Requirement for Foreign Bank Account Reports – July 1

June 26, 2013

The IRS and the Financial Crimes Enforcement Network (FinCEN) have announced that mandatory electronic filing is required for all Foreign Bank Account Reports (Form TD F 90-22.1) beginning July 1, 2013. There is a general exemption from mandatory electronic filing of Foreign Bank Account Reports (“FBARs”) through June 30, 2013. The mandatory e-filing requirement will apply to all FBARs filed on or after July 1, 2013, including prior year FBARs filed pursuant to a quiet disclosure under #17 of the IRS Offshore Voluntary Disclosure Program Frequently Asked Questions and Answers. FBARs for the calendar year 2012 that are timely filed on or before June 28, 2013 are not required to be filed electronically. FBARs for the calendar year 2013 must be filed electronically.

For more information, please contact our international tax advisor at 301.231.6200.