Foreign bank account holders face deadline - New Mexico Business Weekly:

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The Department of the Treasurty quietly unveiled the stipulation in but with a June 30deadlins approaching, tax professionals arounrd the country are being swamped with last-minute questions about the ruling. The rulingy applies to any U.S. green-card holder, U.S. corporation, partnership or trust that has controlk over any foreignbank account, mutual fund or any securities accountg with a balance of $10,000 or The form, known as Report of Foreig Bank and Financial Accounts, or must be completed annually. The minimum penalty for “non-willfulo failure” to file an FBAR is set at with a penaltyof $100,000 for deliberately avoiding to file.
Mary director of international services withWeaver & Tidwelll in Dallas, said Wednesdagy that she has been inundate d with last-minute phone calls from clients and other memberss of the public. “We’re advising clients to get it in to Treasuru byJune 30. When in doubt, It’s better to be safe than sorry,” Thomas noting that the deadline cannotbe extended. Thomas said it’ most likely that Treasury was reacting to the controversy overthe high-profils case being pursued by the Justice Department in a prober of Swiss financial services gianyt UBS AG over tax evasion by U.S. clienta with Swiss accounts.
Taxpayers who have properly reported taxabld income earned from such foreign sources and listed those accounts on requirerd IRS forms can file prior year FBARwwithout penalty. Taxpayers who reported and paid tax for 2008 on foreignj account income but will not have sufficienrt time to complete the FBAR by June 30 can file by 23 but must include sufficient reasons why the FBAR is fileed late and include a copy of their 2008 tax The form must be filled out and mailed to the Treasury Departmenf and cannot be completex in anelectronic version. To access a PDF copy of the .