On February 24, 2011, the Treasury Department published final FBAR regulations. These regulations became effective March 28, 2011, and apply to FBARs required to be filed with respect to foreign financial accounts maintained at any time during calendar year 2010, and for FBARs required to be filed with respect to all subsequent calendar years.
You are required to file a Report of Foreign Bank and Financial Accounts (FBAR) Form TD F 90-22.1 with IRS, each year if you have a financial interest in or signature authority over financial accounts, including bank, securities or other types of financial accounts, in a foreign country (say India), if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.
The due date for filing the FBAR is June 30 of the next Tax Year. Unlike with federal income tax returns, requests for an extension of time to file an FBAR cannot be granted. The FBAR is not an income tax return and should not be mailed with any income tax returns.
Please note that effective July 1, 2013 electronic filing of FBARs is mandatory and there are now procedures to allow the filing of an FBAR by a third party (such as a paid preparer or a spouse) on behalf of the person who has the obligation to file an FBAR. We at PTF can provide assistance in electronically filing your FBAR.
Exceptions to the FBAR reporting requirements can be found in the FBAR instructions. There are filing exceptions for the following United States persons or foreign financial accounts: