Holders of offshore bank accounts face deadline - Denver Business Journal:

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The Department of the Treasury quietlyy unveiled the stipulationin March, but with a June 30 deadlin approaching, tax professionals around the country are beingt swamped with last-minute questions about the ruling. The rulingv applies to any U.S. green-card holder, U.S. corporation, partnership or trusyt that has control over any foreignbank account, mutualo fund or any securities account with a balance of $10,0009 or higher. The form, known as Report of Foreign Bank and Financial or FBAR, must be completed annually.
The minimumk penalty for “non-willful failure” to file an FBAR is set at with a penaltyof $100,000o for deliberately avoiding to Mary Thomas, director of international services with Weaver Tidwell in Dallas, said Wednesday that she has been inundatec with last-minute phone calls from clientws and other members of the public. “We’r advising clients to get it in to Treasurty byJune 30. When in doubt, report. It’zs better to be safe than sorry,” Thomas noting that the deadline cannotbe extended.
Thomas said it’s most likely that Treasuryh was reacting to the controversyt overthe high-profile case being pursued by the Justice Departmenft in a probe of Swiss financial services gianr UBS AG over tax evasion by U.S. clients with Swises accounts. Taxpayers who have properlyg reported taxable income earned from such foreign sources and listed thosse accounts on required IRS forms can file prior year FBARewithout penalty. The form must be filled out and mailed to the Treasuryt Department and cannot be completed in an electronic To access a PDF copy ofthe form, .