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IRS Issues FBAR Filing Relief, but Certain Filing Obligations Remain

Plan Filers invested in a foreign account, such as a foreign mutual find, should be preparing to file FBAR for 2009 by June 30, 2010 The Internal Revenue Service (IRS) has recently issued several pieces of guidance related to the filing of the Report of Foreign Bank and Financial Accounts, IRS Form...

Sutherland Legal Alert: Resetting the FBAR: Foreign Financial Account Reporting Regulations are Finalized With Significant, But Not Always Helpful, Clarifications

By Carol P. Tello The Department of Treasury's Financial Crimes Enforcement Network (FinCEN) division recently issued final rules regarding the reporting of foreign bank and financial accounts (commonly known as FBAR filings). The final FBAR regulations largely adopt proposed regulations issued in...

McDermott Will & Emery: Final FBAR Regulations Offer Some Relief For Plan Sponsors, but Filing Obligations Remain

By James G. Isaac , Karen A. Simonsen & Todd A. Solomon The Treasury Department has issued final regulations concerning the FBAR filings. Some relief is provided for employee benefit plans and plan sponsors, but a blanket exemption is not provided. On February 24, 2011, a division of the United...

Pepper Hamilton LLP: Preparing to File Report of Foreign Financial Accounts by June 30, 2011

By Joan C. Arnold , Laura D. Warren , and Paul D. Pellegrini By June 30, 2011, every U.S. person who owns or controls a foreign financial account must report those accounts to the IRS on form TD 90.22-1, (the FBAR form) if the value of the accounts totaled more than $10,000 at...

Pepper Hamilton LLP: Significant Changes to FBAR Filing for Employees of Public Companies Applicable to 2010 Filings

By Joan C. Arnold By June 30, 2011, every U.S. person who owns or has signatory authority over a foreign financial account must report those accounts to the IRS on form TD 90.22-1, (the FBAR form) if the value of the accounts totaled more than $10,000 at any time during calendar year 2010. Through...

McDermott Will & Emery: Final FBAR Regulations Clarify Filing Obligations

By Henry Christensen III , Christiana Lazo , M. Read Moore & J. Andrew P. Stone 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...

Pepper Hamilton LLP: Certain FBAR Filings Deferred until June 30, 2012

By Joan C. Arnold In our May 17, 2011 Tax Update , "Significant Changes to FBAR Filing for Employees of Public Companies Applicable to 2010 Filings," we discussed the revised rules for the filing of TD Form 90-22.1, on which a U.S. person has to report an interest in a foreign...

Additional FBAR Relief for Certain Foreign Financial Account Signatories

by Keith J. Blum , Partner - Boies, Schiller & Flexner LLP On June 16, 2011, the IRS, in Notice 2011-54, further extended the deadline from June 30, 2011, to November 1, 2011, for the filing of the Report of Foreign Bank and Financial Accounts (FBAR) for persons with no financial interest in a...

Sutherland Legal Alert: Last Minute FBAR Extensions for “Signature Authority Only” Filers – Making Sense of the Announcements

By Carol P. Tello and Robert S. Chase In the past week, two extensions for filing a Report of Foreign Bank and Financial Account (FBAR) were announced by the IRS and FinCEN for certain persons that are required to file FBARs solely as a result of their signature authority over a foreign financial account...

McDermott Will & Emery: FBAR Filing Deadline for Extensions for Certain Individuals With Signature Authority

By Patrick D. Ryan , Karen A. Simonsen & Todd A. Solomon The Financial Crimes Enforcement Network and the Internal Revenue Service recently issued three notices, FinCEN Notices 2011-1 and 2011-2 and IRS Notice 2011-54, granting an extension of the filing deadline for the Report of Foreign Bank...

Sutherland Legal Alert: FinCEN Extends Due Date for Certain FBAR Filers

By Robb Chase and Amanda Pugh On February 14, 2012, the Department of Treasury's Financial Crimes Enforcement Network (FinCEN) issued Notice 2012-1, which extended the filing deadline for both the 2010 and 2011 Report of Foreign Bank and Financial Accounts (FBARs) to June 30, 2013, for certain...

Defendant Waives Attorney-Client Privilege by Asserting Reliance on FBAR Advice Defense

In United States v. Kerr, 2012 U.S. Dist. LEXIS 98836 (D AZ 2012) , a case with two U.S. taxpayers and their lawyer as defendants, the court held that the indicted U.S. taxpayers' claims of reliance constituted a waiver of their attorney-client privilege with respect to communications with their...