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FBAR Deadline September 23rd, 2009
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The following notice, regarding the disclosure of foreign financial accounts, is of critical importance if it applies to you.
Do you, or did you ever, in any year, have a financial interest in or signature authority over any foreign financial accounts, including bank or securities accounts in a foreign country, with an aggregate value of over $10,000 at any time during the calendar year? If so, the accounts must be reported to the U.S. Department of Treasury.
If you have foreign accounts that were not previously reported, you may file a voluntary disclosure with the United States government, and pay reduced taxes, interest and penalties. If you have such accounts and you do not make a voluntary disclosure, and the government discovers those accounts in the future, you could face fines that might exceed the balances of the accounts. You may also face criminal prosecution.
If you have foreign accounts, we strongly urge you to take advantage of the voluntary disclosure opportunity. In that case, please call us immediately, and let us know in what year you first met the over $10,000 threshold. Also, please promptly forward to us copies of all of your foreign account statements, from January 1, 2003 (or inception if later) to date.
If voluntary disclosure is to be made, we would have a lot of work to do. The voluntary disclosure must be submitted to the government by September 23rd, 2009, and no further extensions of time are available.
If you have any questions, please call me at 212.997.0600.
Thank you,
Allen R. Dorkin
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