Foreign bank and financial account reporting: are you at risk as a US person, corporation, or trust?

Posted on July 5, 2011 by Bill Faiferlick

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR helps the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad. (Source: www.irs.gov) Bill Faiferlick is joined by Christine Pronek, CPA, and tax manager, and John LaPilusa, CPA and Principal at Fazio, Mannuzza, Roche, Tankel and LaPilusa, LLC.

Guests:

Christine G. Pronek, Tax Manager

Christine G. Pronek is a tax manager at Fazio, Mannuzza, Roche, Tankel and LaPilusa, LLC. A certified public accountant with over ten years in public accounting and three years with the Internal Revenue Service, she has experience in all areas of taxation. Christine is a member of the American Institute of Certified Public Accountants and New Jersey Society of Certified Public Accountants. Christine recently completed her two-year appointment as a member of the NJSCPA Board of Trustees. An accounting graduate of Quinnipiac University, Christine holds a Masters of Science in Taxation from Fairleigh Dickinson University.


John M. Lapilusa, CPA Principal

John M. LaPilusa, CPA is a principal at Fazio, Mannuzza, Roche, Tankel and LaPilusa, LLC. He is a Certified Public Accountant in the States of New Jersey and New York. He is a member of the American Institute of Certified Public Accountants and the AICPA Council from 2004-October 2010. He is an active member of the New Jersey Society of Certified Public Accountants and Past President, Secretary and Director of the Hudson County Chapter of the New Jersey Society of Certified Public Accountants and was named one of the Top 100 Most Influential Practitioners by CPA Magazine, 2006.He graduated from Rutgers University with a BA in accounting. Past affiliations include: president-elect, vice president, secretary and trustee of the Board of Trustees; chairperson of the Annual and Semi-Annual Convention committees; member of the Finance Committee for St. Joseph’s Home for the Blind.