New Form 8938 for Tax Year 2012

American citizens and residents with a financial interest in or signature authority over a financial account located in a foreign country must check the “yes” box of Form 1040 Schedule B, Line 7a, Question 1. Check the “yes” box even if you are not required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR; formerly Form TD F 90-22.1) in Form 1040 Schedule B, Line 7a, Question 2.

In addition, if at any point during the year, the value of one or more of those accounts exceeded $10,000, the citizen/resident must check the “yes” box of Form 1040 Schedule B, Line 7a, Question 2, and file FinCEN form 114 with the Department of the Treasury before June 30th of the following year (no extensions are allowed for this form).

For more information, please follow this link: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR.

All FBARs must be filed online here: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html.

Help with electronic filing questions is available through the BSA E-Filing Help Desk by email: BSAEfilinghelp@fincen.gov, or by phone: +1 (866) 346-9478.

Further information on filing an FBAR can be found on the IRS website here: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Telephone-Numbers-for-FBAR-and-Title-31-Help.