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  • Urgent! Foreign Bank Account Holders

    • Urgent! Foreign Bank Account Holders

    THE WHO: U.S. Taxpayers, including citizens, residents and entities with foreign financial accounts totalling more than $10,000 at any point during the year. The calculation of the balance is a little confusing, however, its based on any point during the year, even a day. For example, if you transferred or deposited money into a foreign account above $10,000 even for a day, you are required to file this report with the IRS.

    THE HOW: Using a U.S. Department of Treasury form by mail only. There is no electronic or online filing. The filing deadline is June 30th for the form to be received in the US Department of Treasury office, not postmarked. Contact a Gupta Tax professional immediately.

    THE CONSEQUENCE: Non willful failure may trigger a $10,000 penalty per year.

    Mudit Gupta | 07/04/2012






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