Who needs to file?
Any US person who has financial interest in or signature authority or other authority over one or more financial accounts in a foreign country and the total aggregate value of the account or accounts exceeds $10,000 at any time during the calendar year.

When to file?
By June 30 each year. ?2009 report is due on June 30, 2010. No extension is granted.

Where to file?
File by mailing to the following address:

U.S. Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
U.S.A.

If an express delivery service is used, file by mailing to:

IRS Enterprise Computing Center
ATTN: CTR Operations Mailroom, 4th Floor
985 Michigan Avenue
Detroit, MI 48226

Delivery messenger service contact telephone number: 313-234-1062

Penalties
US persons who do not comply with IRS regulations on filing FBAR may be subject to civil or criminal penalties, or both:
A minimum civil penalty of $10,000 will be charged for the one who fails to file properly;
A monetary penalty equal to the greater of $100,000 or 50% of the balance in the account at the time of violation.

Download the form
You can download the blank FBAR from the IRS website: http://www.irs.gov/pub/irs-pdf/f90221.pdf.

Need more information?
Log on to the IRS website for more details about filing a FBAR for 2009:
http://www.irs.gov/businesses/small/article/0,,id=148849,00.html


Note:
*This newsletter is designed for the information of readers.

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