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Reese Henry & Company, Inc.
Phone 970.925 3771
Fax 970.925.3979

Aspen Office
400 East Main Street
Aspen, CO 81611

Carbondale Office
0326 Hwy 133, Suite 200
Carbondale, CO 81623

Avoid Penalties - Disclose Foreign Assets

A reminder that the Foreign Bank Account Report (Form TD F 90-22.1) is due to the IRS no later than June 30th. If you, or an entity you own, had an interest in or had signature authority over a foreign financial account that had a value greater than $10,000 at any time during 2011 you may need to file this form. The penalties for failure to file this form, if required, are substantial.

Additionally, new this year is Form 8938, Statement of Specified Foreign Financial Assets. The government is continuing its efforts to find hidden foreign assets and this form is a part of that effort. Form 8938 is filed with your tax return. Determining reportable foreign assets is complex under the new law. If you have any foreign assets please contact us as soon as possible so we may review your situation and, if necessary, begin gathering the required information for accurate filing.

Form 8938 basic filing thresholds are:

• Single taxpayers or married taxpayers filing separate returns: if the total value of foreign financial assets was greater than $50,000 on the last day of the tax year, or greater than $75,000 at any time during 2011.

• Married taxpayers filing a joint return: the thresholds are twice that of single taxpayers -total foreign asset value of more than $100,000 on December 31, 2011 or greater than $150,000 at any time during 2011.

We look forward to hearing from you regarding these filing requirements or any other topic.

Reese Henry & Company, Inc.
400 East Main Street Aspen, CO 81611
970.925 3771

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