Review of FBAR Regulations
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Review of FBAR Regulations
March 2010
The Internal Revenue Service (IRS) issued Notice 2010-23 and Announcement 2010-16 (collectively, the “IRS Guidance”) regarding Form TD F 90-22.1, Report of Foreign Bank And Financial Accounts (the FBAR) on February 26, 2010.
Notice 2010-23 provides administrative relief to taxpayers who would otherwise be required to file the FBAR by June 30, 2010. Announcement 2010-16 suspends the FBAR filing requirement for persons who are not U.S. citizens, U.S. residents, or domestic entities.
The Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, contemporaneously issued proposed regulations regarding FBAR filing requirements (the “Proposed Regulations”). This alert discusses the IRS Guidance and the Proposed Regulations.
Continue reading IRS And FinCEN Revise FBAR Filing Requirements
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