IRS Reminds Owners of Foreign Accounts of Annual Reporting Obligation (IR-2011-70)

The IRS has reminded taxpayers that persons owning a bank or other financial account in a foreign country, or having signature authority over such an account, may be required to report the account to the Department of Treasury by June 30 of each year. Foreign account owners may have to report the accounts to the government even if the accounts do not generate any taxable income. U.S. persons are required to file a Report of Foreign Bank and Financial Accounts (FBAR), Treasury Form TD F 90-22.1, each year if they have a financial interest in or signature authority over financial accounts, including bank, securities or other types of accounts, in a foreign country if the aggregate value of these financial accounts exceeds $10,000 at any time during the year.

For 2010, the due date for filing the FBAR is June 30, 2011. However, some financial professionals will have until June 30, 2012, to file. Extensions of time to file an FBAR will not be granted. There are significant criminal and civil penalties for noncompliance with the FBAR filing requirements. Electronic filing is not available for FBAR filing.

IR-2011-70, June 24, 2011

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Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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