Do you have a bank account outside the U.S.? If so, you might be required to report it to the U.S. Treasury, even if you are employed only outside the U.S. and/or receive all funding from non-U.S. sources. Failure to report your bank accounts, if you are required to do so, might result in substantial monetary penalties.
U.S. law requires certain persons to report certain foreign financial accounts using Form TD F 90-22 1. Persons who might be subject to this rule include individuals who are present in the U.S. with J-1, H-1B, O-1 or B-1 visas. Depending on their circumstances, visa holders who have been in the U.S. for 183 days over any three years might be subject to this financial reporting rule. Please see IRS guidance on this topic for more information.
All such visa holders should immediately confirm whether they are subject to the Federal Bank Account Reporting (FBAR) rule by reviewing the IRS guidance on this topic. Although this rule has existed for several years, reporting by certain non-U.S. citizens has been suspended for calendar years 2009 and earlier, making 2010 the first year the requirement is unavoidably in place. The deadline for filing for calendar year 2010 is June 30, 2011.
Further information about FBAR is here.
FAQs about foreign bank accounts are here.Fermilab’s Visa Office and Finance Section are not tax specialists. We therefore do not have the expertise to give tax advice on this issue, nor tell you whether you are subject to this reporting requirement. If you have specific questions about your situation, please consult with an experienced tax advisor.