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.
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not necessarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to