FBAR Due Date — 2013

Foreign Bank Account Reporting (FBAR) is due on June 30th. Note that the report must be received by the Treasury Department by June 30th (without extension), which is different from the income tax return rules that allow filing by the due date (and receipt by the IRS subsequently).

Because the due date is a Sunday this year, the report must be completed and received by the Treasury Department on Friday, June 28, 2013 this year.

Be sure your reports are prepared and sent with enough time for delivery on or before Friday, June 28th.

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Mexican land trusts

UPDATE: See this update regarding a PLR on fideicomisos

Over at Rubin on Tax, Charles Rubin summaries the rules for a Mexican fideicomiso and discusses a recent letter from the IRS Office of the Chief Counsel.

Fideicomisos allow non-Mexicans to own land near the coastline or an international boarder. What is most important is the potential requirements for US beneficiaries to file a Form 3520 and Form 3520-A. While these are generally informational returns (not resulting in additional income tax for US beneficiaries), there are steep penalties for not filing these forms.

Here is the post: REPORTING OF INTERESTS IN MEXICO FIDEICOMISOS

See also: INFO 2011-0052 (N.B. the letter is dated 11/17/2010, but was only released this past June 2011)