A FBAR filing is a Report of Foreign Bank and Financial Account (TD F 90-22.1). If you fail to file a FBAR (due June 30th of each year), you may be subject to penalties of up to 50% of the account balance (annually) and a felony (up to 10 years in jail).

Please answer the following three questions:

1. Did you disclose the foreign bank account on your Form 1040?
2. Did you report income from a foreign bank account?
3. Did you file an FBAR for the foreign bank account?

If the answer to any of these questions is no, please contact me for a free consultation. Please submit your inquiries in writing by email to my attention. You may reach me at gsw@gswlaw.com

The following articles explain the FBAR filing in greater depth:

I - Filing

1) FBAR Filings: Amended Tax Returns
2) FBAR Filings: Annual Requirements
3) FBAR Filings: Hedge Funds
4) FBAR Filings: Trusts
5) FBAR Filings: The Element of Control
6) FBAR Filings: Summary
7) FBAR Filings: U.S. Taxpayer Reporting Foreign Life Insurance Policy

II – Penalty

1) FBAR Civil Penalties: Reasonable Cause Exception
2) FBAR Criminal Penalties: Willful Failure to File (Defenses)

III – Financial Interest/Signatory Authority

1) FBAR: Financial Interest/Signatory Authority
2) FBAR: Tax Compliance Issues (U.S. Taxpayer)

IV – IRS Notices (Memo)

1) FBAR: IRS Notice 2009-62 (8/7/09)
2) FBAR: Ownership Attribution Rules (IRC §318)
3) FBAR: Revised TDF 90-22.1 (October 2008)
4) FBAR: IRS FAQ #12 (May 2009)

For more information on FBARs please see IRS website, Report of Foreign Bank and Financial Accounts (FBAR)