FBAR: Deadline Approaches, Issues Remain for Employee Plans
27 May 2010
Mayer Brown Legal Update
The US Internal Revenue Service and the Financial Crimes Enforcement Network (“FinCen”) of the Department of Treasury issued guidance in February 2010, with respect to the “Report of Foreign Bank and Financial Accounts” (FBAR), in the form of proposed regulations that would expand and modify existing FBAR guidance, and Announcement 2010-16 and Notice 2010-23, which provide certain short term relief from the FBAR filing requirements under certain circumstances. We describe the guidance and discuss its application to employee benefit plan-related FBAR filings due June 30, 2010.