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IRS deadline approaches for account reports

AMERICAN readers should be aware that a deadline for US tax filing requirements on the reporting of foreign bank accounts is fast approaching. The form TDF 90-22.1 "Report of Foreign Bank and Financial Accounts" is due to be filed on or before June 30, 2002 for accounts in 2001.

The form is required to be filed by American taxpayers (entities and individuals - citizens, tax residents and US green card holders) who own or have signatory authority over foreign (that is, not based in the US) bank or security accounts where at any moment in time during the year the sum of the funds in those accounts exceeded $10,000.

While the above requirements have existed for a long time, the US Treasury Department has made it clear that filing this form has become a priority (presumably related to the current terrorism problems) and penalties are now likely to be imposed for non-filing (or late filing) of the form.

Forms are available on the Internet at http://www.irs.ustreas.gov

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