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Required IRS Reporting for your 2012 Tax Return

November 20th, 2013

As part of our commitment to pro-active client service to our valued clients, we are advising  you  of additional I.R.S. reporting requirements related to foreign assets that you may own.

If you had a financial interest in or signature authority over a foreign financial account such as a bank account, investment/securities account or a retirement account in a foreign country and the aggregate value of such accounts exceeded $10,000 at any time during the year, then you must file a report with the United States Department of the Treasury on or before June 30th of the succeeding year via IRS form TDF 90-22.1.  All accounts must be reported even those accounts that had balances of less than $10,000.  Please note that this report is not part of the annual tax return that you are required to file which reports all of your worldwide income.  There are no extensions available for this report.  The penalty for failing to report an account could be as high as $500,000 and imprisonment of not more than five years.

If you have any questions or would like to arrange an appointment, please contact us prior to preparation of your individual tax return for 2012 but no later than April 30, 2013 so that we may prepare the reports in a timely and efficient manner.

Tucson CPA and Tax Firm, Flower Rieger and Associates, P.L.L.C.  offers tax preparation for businesses and individuals.  The CPAs of Flowers Rieger are also offers aggressive tax strategies and planning, accounting and bookkeeping, financial statement preparation, estate and trust tax preparation and more CPA services.

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