June 30th is the deadline for filing a Report of Foreign Bank and Financial Accounts (“FBAR”), Treasury Form TD F 90-22.1 for calendar year 2008. In general, an FBAR must be filed by any U.S. person who had either a financial interest in or signatory authority (or other authority) over one or more “financial accounts” in a foreign country if the aggregate value of all such accounts exceeded $10,000 at any time during the year. “Financial accounts” generally include (i) bank, securities or other financial accounts, (ii) accounts maintained at a foreign financial institution and (iii) any account in which assets are held in a commingled fund and the account owner owns an equity interest in such fund (including mutual funds). The FBAR must be filed by June 30 of the succeeding year and is deemed filed when received by the Department of Treasury.

For EAPD’s full advisory on this issue, please click here.