New Mandatory Electronic Filing Requirement for Foreign Bank Account Reports – July 1

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The IRS and the Financial Crimes Enforcement Network (FinCEN) have announced that mandatory electronic filing is required for all Foreign Bank Account Reports (Form TD F 90-22.1) beginning July 1, 2013. There is a general exemption from mandatory electronic filing of Foreign Bank Account Reports (“FBARs”) through June 30, 2013. The mandatory e-filing requirement will apply to all FBARs filed on or after July 1, 2013, including prior year FBARs filed pursuant to a quiet disclosure under #17 of the IRS Offshore Voluntary Disclosure Program Frequently Asked Questions and Answers. FBARs for the calendar year 2012 that are timely …read more

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