Almost all tax deadlines are on the fifteenth day of the month. However, there’s one that falls on June 30th: The filing deadline for the Report of Foreign Bank and Financial Accounts (FBAR, Form TD F 90-22.1).
This is the form that must be sent in each year to note that you have bank, securities, and/or other financial accounts outside of the United States. This is a reporting requirement; no tax is due with the filing of the form. However, the penalties can be extremely large for neglecting to file the form. Non-willful violations are subject to fines of up to $10,000 per account; willful violations have a minimum fine of $100,000 per account. And it’s a felony punishable by possible time at ClubFed.
You must file the report if you have $10,000 or more in one or more foreign accounts. To determine whether you meet the filing requirement, take the maximum balance of each account at any time during 2009. Sum the maximums and compare the total to $10,000. If the sum is $10,000 or more, you must report all of your accounts, even an account with just $1 in it.
So if you have that credit card from the Bank of Liechtenstein, or you have some online gambling accounts (yes, those are considered foreign financial accounts) today is a deadline day for you. (For those with online gambling accounts, you can find a list of addresses of online gambling sites here.) And make sure you mail the form using certified mail, return receipt requested, so that you have proof of filing.