Explanation of IRS Form TD F90.22-1
The federal government and the IRS have a great number of regulations regarding reporting requirements for financial assets. The purpose of all of this reporting is, of course, to make sure that taxpayers are paying all the taxes that are due. Among the current financial asset reporting requirements is one that requires that taxpayers report any foreign bank or other financial institution accounts if your aggregate deposits exceed $10,000.
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Form TD F90.22-1
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Form TD F90.22-1 is the form the IRS provides for taxpayers to report their foreign bank account holdings. It is actually a Treasury Department form, but it is distributed through the IRS website.
Information Required
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Form TD F90.22-1 requires a significant amount of information including the type of account, the maximum value, the account number, whether the accounts are individually or jointly owned, the financial institution, the country, your name, taxpayer ID, and address.
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Filed With the Treasury Department
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Form TD F90.22-1 is actually filed by the taxpayer with the Treasury Department, who then runs a money-laundering check on the accounts and passes the information on the form to the IRS for further processing.
Due Date
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Form TD F90-22.1 is due on June 30th of each year to report on all foreign bank accounts owned in the previous year (assuming an aggregate total greater than $10,000). Unlike income tax returns Form TD F90-22.1 is due at the Treasury Department office in Dearborn, Michigan by June 30, not merely postmarked by June 30th.
Penalties For Not Filing
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The penalties for non-filing of your Form TD F90.22-1 can range from a $500 fine for a one time negligence violation, to a $100,000 fine or 50 percent of the account for a willful violation.
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