hello everyone, I have a question related to the filing of the TD F 90-22.1 (FBAR form) also avlb on the IRS website, which seems to be a requirement if the balance in foregin bank account > 10k at any time during the last tax year. Has anyone filled out and submitted this form by any chance? It seems to be a requirement and the deadline for this is jun 30,2012. if not filed, a heavy penalty is likely to be imposed. what I wanted to know is we need to report income in foregin bank account as of 12/31/2011 or is it only during that calendar year (i.e. 01/01/2011 to 12/31/2011). any inputs into this will be highly appreciated..thanks
any information on this one ? please share if you have any follow-up or anyone came across this while filing 2011 taxes...