Foreign bank account holders face deadline - Houston Business Journal:

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The Department of the Treasuru quietly unveiled the stipulation in but with a June 30deadline approaching, tax professionalsw around the country are being swamped with last-minutew questions about the ruling. The ruling applies to any U.S. green-card holder, U.S. corporation, partnership or trust that has control over any foreigmbank account, mutual fund or any securitiezs account with a balance of $10,000 or The form, known as Reporyt of Foreign Bank and Financial Accounts, or must be completed annually. The minimum penalty for “non-willfukl failure” to file an FBAR is set at with a penaltyof $100,000 for deliberatelyt avoiding to file.
Mary Thomas, directod of international services withWeavert & Tidwell in Dallas, said Wednesdayg that she has been inundated with last-minut phone calls from clients and othet members of the “We’re advising clients to get it in to Treasury by June 30. When in report. It’s better to be safe than Thomas said, noting that the deadline cannot be Thomassaid it’s most likely that Treasury was reactin to the controversy over the high-profile case beingv pursued by the Justice Department in a probde of Swiss financial services giantt UBS AG over tax evasion by U.S. clients with Swisa accounts.
Taxpayers who have properl reported taxable income earned from such foreignb sources and listed those accounts on requireed IRS forms can file prior year FBARsawithout penalty. Taxpayers who reported and paid tax for 2008 on foreigj account income but will not have sufficien t time to complete the FBAR by June 30 can file by 23 but must include sufficient reasons why the FBAR is filedx late and include a copy of their 2008tax return. The form must be filled out and mailed to the Treasury Department and cannott be completed in anelectronic version. To accesds a PDF copy of the form, .