Foreign Bank Account Disclosure

If your organization has a foreign bank account or other foreign investment account, you may need to file a disclosure with the IRS each year.  The disclosure requirement applies to any employees with signature authority for the foreign accounts, as well.  If the value in the account exceeded $10,000 at any time during the calendar year, you must file the FBAR by June 30.  The IRS is currently offering a delinquent filer program to reduce or eliminate penalties for failure to file prior year disclosures.