E-Alert
October 27, 2011
November 1 Deadline for Individuals to File FBAR Reporting Signature Authority
The November 1, 2011 deadline for persons who have signature authority over, but no financial interest in, foreign financial accounts is quickly approaching. This deadline was extended by the IRS in order to give those individuals extra time to gather the necessary information to file a complete and accurate Report of Foreign Bank and Financial Accounts (FBAR), Form TD F 90-22.1.
A person has signature authority over an account if they can control the disposition of money or other property in it by delivery of a document containing their signature to the bank with whom the account is maintained. A filing is required if the aggregate value of any financial account exceeds $10,000.
This extension applies to 2009 and earlier calendar years.
####
If you have any questions regarding this issue, please contact the DZH Phillips Tax Department at (415) 781-2500 or email cpas@dzhphillips.com.
More e-Alerts, updates & articles »
DZH Phillips LLP is one of the leading public accounting and strategic consulting firms in the San Francisco Bay Area. We provide the long-term relationships, industry expertise, and consistently high-quality service our clients need to make the right decisions today and in the future.
To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained herein (including any enclosures or attachments) was not intended or written to be used, and cannot be used, by the taxpayer for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code or applicable state or local law provisions.
For the Media:
DZH Phillips has experts on staff to provide information on a variety of subjects related to tax planning, accounting, and estate planning. We can provide:
• Expert opinions
• Articles
• Tips and advice
Please contact:
T (415) 781-2500
E cpas@dzhphillips.com