Sunday, June 2, 2013

Reminder on FBAR Filing for 2012 Year - Must be Received by June 28, 2013 (6/2/13)

This is a reminder that 2012 FBARs must be actually filed by June 28.  This is because there is no timely-mailinig, timely-filing requirement for FBARs and the 30th faills on a Sunday.  This means that, if they are delivered by mail, the mailing should occur perhaps three days earlier -- June 25. 2013.

Probably the best way to file is electronically, here.  Other filing information (including nonelectronic filing) is here.  Key excerpts are
Reporting and Filing Information 
A person who holds a foreign financial account may have a reporting obligation even though the account produces no taxable income. Checking the appropriate block on FBAR-related federal tax return or information return questions (for example, on Schedule B of Form 1040, the "Other Information" section of Form 1041, Schedule B of Form 1065, and Schedule N of Form 1120) and filing the FBAR, satisfies the account holder's reporting obligation. 
The FBAR is not filed with the filer's federal income tax return. The granting, by the IRS, of an extension to file federal income tax returns does not extend the due date for filing an FBAR. You may not request an extension for filing the FBAR. The FBAR is an annual report and must be received by the Department of the Treasury in Detroit, MI, on or before June 30th of the year following the calendar year being reported. While FinCEN strongly encourages individuals to electronically file FBARs, the form can be mailed to one of the two addresses below, provided that the mailing is received by June 30, 2013:
File by mailing the FBAR to:
United States Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621 
If an express delivery service is required for a timely filed FBAR, address the parcel to: 
IRS Enterprise Computing Center
ATTN: CTR Operations Mailroom, 4th Floor
985 Michigan Avenue
Detroit, MI 48226

3 comments:

  1. Depending on the service chosen for mailing, three days might not be enough.

    Certified mail can take an extra day or two. Certified means that the letter goes in the regular mail stream, and if it is not lost in the way, the recipient must sign for it.

    Registered is much more expensive (usually used to mail valuables) but is kept secure on the way (in locked containers on trucks, in post office safes overnight etc.) and is therefore much safer. The extra security delays it considerably (I sent my FBAR that way last year and it took 10 days.)

    There is/was the option to hand your FBAR to the local IRS office for transmission to the Treasury. I wouldn't touch that option with a ten foot pole since I would be relying on the IRS to deliver the form on time to the Treasury.

    ReplyDelete
  2. Jack, I think there's an error in the article title :)

    ReplyDelete
  3. Jack, YOU IDIOT !

    ReplyDelete

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