Any United States person who has a financial interest in or signature authority, or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year, must complete Treasury Department Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, and file it with the Department of the Treasury. No report is required if the aggregate value of the accounts did not exceed $10,000.
A "United States person" is a citizen or resident of the United States (including aliens who are resident for tax purpose), a domestic partnership, a domestic corporation and a domestic estate or trust. A “financial account” includes any bank, securities, securities derivatives or other financial instruments accounts. The term includes any savings, demand, checking, deposit, or any other account maintained with a financial institution.
For 2007, you must complete Form TD F 90-22.1 and file with the Department of Treasury by June 30, 2008 with:
U.S. Department of the Treasury, P.O. Box 32621, Detroit, MI 48232-0621. There is no extension available for filing the FBAR.
To download the Form TD F 90-22.1:
http://www.irs.gov/pub/irs-pdf/f90221.pdfDisclosure of this information is mandatory. Civil and criminal penalties, including in certain circumstances a fine of not more than $500,000 and imprisonment of not more than five years, are provided for failure to file a report, supply information, and for filing a false or fraudulent report.
Disclosure of the Social Security number is mandatory. The authority to collect is 31 CFR 103. The Social Security number will be used as a means to identify the individual who files the report.
