TAX ALERT: Approaching Deadline – IRS Voluntary Disclosure Initiative for Foreign Bank Account Holders

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There has been a great deal of publicity regarding the quickly approaching deadline of June 30, 2010 for U.S. citizens, residents and domestic entities to voluntarily disclose to the IRS the existence of foreign bank accounts, foreign financial assets and entities by filing Form TD F 90-22.1, Report of Foreign Bank and

Financial Accounts (FBAR) with the U.S. Treasury Department (whether previously unreported or otherwise). Stuart M. Schabes of Ober|Kaler explains.

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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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