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U.S. Encourages Individuals to E-File their FBARs 

Global Tax Adviser

February 28, 2012

Ian Bristol
Toronto, U.S. Corporate Tax

 

The U.S. Treasury Department is encouraging individuals to e-file Reports of Foreign Bank and Financial Accounts (FBAR). This move towards e-filing affects most U.S. forms which, generally, must be filed electronically beginning July 1, 2012. Previously, the United States extended the filing deadline for FBAR to June 30, 2013.

Paper-filed forms
This e-filing mandate does not apply to the Currency and Monetary Instrument Report (CMIR), which is often completed by individuals that physically cross the border into the United States, and Form 8300, "Report of Cash Payments Over $10,000 Received in a Trade or Business".

 

For more information, contact your KPMG adviser.

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