Monday, March 5, 2012

FinCEN postpones mandatory FBAR e-filing

The IRS does not permit electronic filing of US income tax returns for preparers living outside the US. It remains to be seen if they will apply the same rule to FBAR forms. For 2011 FBAR forms should be manually filed as in the past. Failure to file FBAR forms on time may result in substantial penalties.

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