The U.S. government has changed the form that some taxpayers must use to report their overseas bank account. But the agency has put the form online.
That is the news from the Association of Americans Resident Overseas, an expat advocacy organization.
The association noted that Americans overseas and U.S. green card holders are required to file the Foreign Bank Account Report if the aggregate value of all their overseas bank accounts abroad exceeded for even one day $10,000 in the 2012 tax year.
“The penalties for not filing are very high and we all know that banks are talking to each other more and more, so it’s just not worth ignoring this obligation, which has nothing to do with income taxes,” said the association. “The form is not filed with your tax form or sent to the IRS.”
The U.S. Treasury Department must receive the form by June 30, the association noted. The downloaded .pdf file can be filled out with Adobe Reader. The form, known as FBAR, can be foundHERE!
Although the form is available electronically, it must be delivered by mail or express service to the Treasury Department in Detroit, Michigan.
Details are given in the .pdf. file.