Final FBAR Regulations Clarify Filing Obligations

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The final FBAR regulations, effective on March 28, 2011, help to clarify the filing obligations of limited liability companies, trust beneficiaries and those holding signatory authority over foreign financial accounts.

On February 24, 2011, the Financial Crimes Enforcement Network, a division of the U.S. Department of Treasury, issued final regulations at 31 CFR Part 1010 (Final Regulations) concerning the scope of required reporting to the Commissioner of Internal Revenue by U.S. persons with financial interests in, or signature or other authority over, financial accounts in foreign countries. A U.S. person’s interest in, or signature or other authority over, a financial account in a foreign country must be reported on Internal Revenue Service form TD-F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), by June 30 of each year in which the aggregate value of such accounts exceeded $10,000 at any time during the preceding year. The Final Regulations were intended to clarify who must file an FBAR and what foreign accounts are reportable.

While the Final Regulations are comprehensive, this summary highlights only those clarifications or revisions of particular relevance to private clients and trust beneficiaries.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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