FinCEN and IRS Provide Timely FBAR Guidance Regarding Key Definitions

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Last week the Department of Treasury issued proposed regulations addressing key definitions related to the Report of Foreign Bank and Financial Accounts, commonly referred to as the “FBAR.” While this guidance has narrowed the definition of a “United States person” subject to the FBAR requirements and has confirmed that mutual funds are treated as a “commingled fund,” it continues to “reserve” on the crucial issue of whether an interest in a hedge fund or a private equity fund should be considered a “commingled fund” whose ownership must be reported by a U.S. Person.

The IRS followed with an Announcement and a Notice that provide relief for U.S. persons who have signatory authority over, but not financial interest in an account that would otherwise be a reportable financial account for FBAR purposes and U.S. persons who have an investment in a foreign hedge fund or a foreign private equity fund.

Please see full alert below for more information.

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