Individuals or organizations that own bank accounts overseas or have signature authority on those accounts may have to file a certain report with the Treasury Department every year. If the balance in those accounts goes over $10,000 you need to file an FBAR report by June 30 of the following year.
Deadline for filing this report for 2009 and earlier has been extended.
This requirement applies to nonprofit organizations as well. In addition, individuals who are merely signers on those accounts have a personal obligation to report.
I have a series of four posts up at my other blog, Nonprofit Update, discussing the FBAR reporting and the extension. The posts can be found at:
- Deadline extended for filing report on cash held overseas – that FBAR report applies to NPOs – part 1
- Deadline extended for filing report on cash held overseas –more background on implications of FBAR reporting– part 2
- Deadline extended for filing report on cash held overseas – penalties for not filing – part 3
- Deadline extended for filing report on cash held overseas – opportunity to get all reports filed – conclusion