Anyone with $10,000 in one or more foreign financial accounts (determined by taking the maximum balance of each account at any time during the year, summing the maximums, and comparing the sum to $10,000) must file Form TD F 90-22.1 (the FBAR). The form must be received on or before June 30th, so that means you need to take care of this now if this reporting requirement applies to you. There are no extensions available for the FBAR.
You can file the FBAR electronically; you start by registering here.
There are very large penalties for not filing an FBAR when you are required to do so. If you need to file an FBAR, this needs to be on your to-do list now, not later.
Tags: FBAR