Presentation on theme: "Slide 1 FastFacts Feature Presentation May 25, 2011 We are using audio during this session, so please dial in to our conference line… Phone number: 888-651-5908."— Presentation transcript:
Slide 2 Todays Topic Well be taking a look at… Reporting Requirements for Foreign Bank Accounts
Slide 3 Todays Presenter Kaliopi Provencher, Director of Treasury Operations Sunanda Holmes, Assistant Director for International Business Compliance
Slide 4 Session Segments Presentation Kaliopi and Sunanda will address reporting requirements for foreign bank accounts to the Internal Revenue Service (IRS). During Kaliopi and Sunandas presentation, your phone will be muted. Q&A After the presentation, well hold a Q&A session. Well open up the phone lines, and youll be able to ask questions. Kaliopi and Sunanda will answer as many of your questions as time allows.
Slide 5 Contact Us If you would like to submit a question during the presentation or if youre having technical difficulties, you can us at: You can also send us an instant message! GoogleTalk – AOL Instant Messenger – HopkinsFastFacts MSN –
Slide 6 How To View Full Screen
Slide 7 Survey At the end of this FastFacts session, well ask you to complete a short survey. Your honest comments will help us to enhance and improve future FastFacts sessions.
Slide 8 Reporting Requirements for Foreign Bank Accounts
Slide 9 Agenda Explain FBAR filing requirements Define and discuss foreign financial account and signature authority or other control over financial accounts Demonstrate the completion of form TD F
Slide 10 Foreign Bank Account Report (FBAR) A requirement since 1970 – significant revisions in 2008 U.S. citizens and residents and certain non-residents Financial interest or signature authority Foreign financial accounts Aggregate value exceeding $10,000 in calendar year What is FBAR?
Slide 11 U.S. citizens Foreign persons residing in the U.S. for extended periods of time (H- 1B, L-1, TN, etc.) Domestic corporations Domestic trusts Individuals with signing authority or other control over non-U.S. accounts FBAR Filing Requirements
Slide 12 Bank accounts (savings, checking, etc.) Securities and brokerage accounts Mutual funds Certain types of annuities or pension accounts Retirement plans Interest in partnerships, trusts or other pass-through entities having foreign accounts What is a Foreign Financial Account?
Slide 13 Signature authority - person controls the disposition of money or other property in the account by sending a document containing his signature to the bank or other person with whom the account is maintained. Other authority – person exercises power that is comparable to signature authority over an account by direct communication, either orally or by some other means to the bank or other person with whom the account is maintained. What is Signature Authority?
Slide 14 Form TD F Individual filing University filing Received by June 30th for the previous calendar year Reporting on IRS Form 990 and 1040 No extension is available What is Required For Filing?
Slide 15 Sample TD F
Slide 16 Provide partially completed TDF form Complete the form as indicated Part I - Sections 1 through 14 Section 3 - complete with your Social Security Number Section 5 – enter your birth date as MM/DD/YYY Part I - Sections 9, 10, 11, 12, 13 – Enter current mailing address Part II--Sections 15 through 23 - Complete this section ONLY IF YOU HOLD ONE OR MORE BANK ACCOUNTS IN YOUR NAME IN A FOREIGN COUNTRY -List each personal account separately, using the second page if necessary JHUs Procedures for Filing FBAR
Slide 17 Part III - Sections 15 through 33 - Complete this section ONLY IF YOU HOLD ONE OR MORE BANK ACCOUNTS IN YOUR NAME or JOINTLY OWN WITH ANOTHER PERSON IN A FOREIGN COUNTRY. - List each personal account separately. Part IV - This section has been pre-filled with JHU/JHPIEGO bank accounts (signing authority only – no financial interest) - Review the prefilled account information in Part IV for accuracy - Complete section 43 with your job title for each listed account - If you need to make corrections or need additional blank pages, go to the IRS website, and print a blank form TDF www.irs.gov Part V - Leave blank – does not apply to employees JHUs Procedures for Filing FBAR
Slide 18 Finishing The Form In the top right corner of each page, number the pages according to the number of pages you have as follows: 1 of 4, 2 of 4, etc. Sign and date the Form on page 1, Part II, Sections 44, 45, and 46 Keep a copy of the Form for your records and mail the completed ORIGINAL to: U.S. DEPARTMENT OF THE TREASURY P.O. BOX DETROIT, MI Once the original form has been completed and mailed, please send a confirmation to Please contact the Treasury Department with any inquiries regarding this form at or Margaret Nock at (443) JHUs Procedures for Filing FBAR
Slide 19 Penalties For Not Filing FBAR
Slide 20 Failure to file may result in a civil penalty not to exceed $10,000. A person who willfully fails to report an account or account identifying information may be subject to a civil monetary penalty equal to the greater of $10,000 or 50 percent of the balance of the account at the time of the violation. Penalties for Non-Filing
Slide 21 Please contact for more information: Kaliopi Provencher Sunanda Holmes Contact Information
Slide 22 Conclusion Today we: Explained FBAR filing requirements Defined and discussed foreign financial account and signature authority or other control over financial accounts Demonstrated the completion of form TD F
Slide 23 Were going to open the phone lines now! There will be a slight pause, and then a recorded voice will provide instructions on how to ask questions over this conference call line. Well be answering questions in the order that we receive them. Well also be answering the questions that were ed to us during the presentation. If theres a question that we cant answer, well do some research after this session, and then the answer to all participants. Q&A
Slide 24 Thank You! Thank you for participating! We would love to hear from you. Are there certain topics that you would like us to cover in future FastFacts sessions? Would you like to be a FastFacts presenter? Please us at:
Slide 25 Survey Before we close, please take the time to complete a short survey. Your feedback will help us as we plan future FastFacts sessions. Click this link to access the survey… Thanks again!