Press Room: Article

May 28, 2009

Foreign Bank Account Reporting Due June 30, 2009

In January 2003, the IRS announced an initiative to encourage the voluntary disclosure of unreported income by people who have used offshore payment cards or other offshore financial arrangements improperly to avoid paying taxes.

As a further tool to identify noncompliance, the IRS has expanded the scope, disclosure and penalties associated with the filing of Treasury Form 90-22.1, the Report of Foreign Bank and Financial Accounts. The revised form applicable to 2008 calendar year activity must be filed on or before June 30, 2009.

This filing requirement is separate from income reporting requirements. Filers, however, are also required to…

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