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Foreign account filing deadline looms, but some employees catch a break

June 03, 2011

The June 30 deadline for reporting foreign bank accounts to the Treasury looms. The reports have to be filed on form TD 90-22.1 no later than June 30 -- and should be filed sooner to be safe. Failure to file timely can result in horrendous "shoot-the-jaywalker" penalties of up to half the account balances.

The IRS has extended the deadline for a small group of taxpayers otherwise required to file. The break applies to certain employees with signature authority over a company account, or an account of a related company, but who have no ownership of the account themselves. The deadline is extended to June 30 of 2012 for those taxpayers.

Stacie Clifford Kitts has more.

Tags: FBAR.shooting jaywalkers.Stacie Clifford Kitts.