Transcript FastFacts Feature Presentation

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
Participant code: 182500
© 2011 The Johns Hopkins University. All rights reserved.
Slide 2
Today’s Topic
We’ll be taking a look at…
Reporting Requirements for Foreign Bank Accounts
Slide 3
Today’s 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 Sunanda’s presentation, your phone will be
muted.
Q&A
After the presentation, we’ll hold a Q&A session.
We’ll open up the phone lines, and you’ll be able to ask
questions.
Kaliopi and Sunanda will answer as many of your questions as
time allows.
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Contact Us
If you would like to submit a question during the presentation or if
you’re having technical difficulties, you can email us at:
[email protected]
You can also send us an instant message!
GoogleTalk – [email protected]
AOL Instant Messenger – HopkinsFastFacts
MSN – [email protected]
Slide 6
How To View Full Screen
Slide 7
Survey
Survey
At the end of this FastFacts session, we’ll 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 90-22.1
Slide 10
What is FBAR?
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
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FBAR Filing Requirements
U.S. citizens
Foreign persons residing in the U.S. for extended periods of time (H1B, L-1, TN, etc.)
Domestic corporations
Domestic trusts
Individuals with signing authority or other control over non-U.S.
accounts
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What is a “Foreign Financial Account”?
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
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What is “Signature Authority”?
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.
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What is Required For Filing?
Form TD F 90-22.1
Individual filing
University filing
Received by June 30th for the previous calendar year
Reporting on IRS Form 990 and 1040
No extension is available
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Sample TD F 90-22.1
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JHU’s Procedures for Filing FBAR
Provide partially completed TDF form 90-22.1
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
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JHU’s Procedures for Filing FBAR
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, www.irs.gov and print a blank form TDF 90-22.1
Part V - Leave blank – does not apply to employees
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JHU’s Procedures for Filing FBAR
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 32621
DETROIT, MI 48232-0621
Once the original form has been completed and mailed, please send a confirmation
email to [email protected]
Please contact the Treasury Department with any inquiries regarding this form at
[email protected] or Margaret Nock at (443)997-4092
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Penalties For Not Filing FBAR
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Penalties for Non-Filing
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.
Slide 21
Contact Information
Please contact for more information:
Kaliopi Provencher [email protected]
Sunanda Holmes [email protected]
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 90-22.1
Slide 23
Q&A
We’re 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.
We’ll be answering questions in the order that we receive them.
We’ll also be answering the questions that were emailed to us
during the presentation.
If there’s a question that we can’t answer, we’ll do some research
after this session, and then email the answer to all participants.
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 email us at: [email protected]
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…
http://connect.johnshopkins.edu/fastfactssurvey/
Thanks again!