Final FBAR Rules – Some Retirement Plan Relief But Reporting Obligations RemainApril 1, 2011
To assist the federal government in its efforts to deter criminal tax, money laundering and terrorist activities, the United States Treasury Department, through its Financial Crimes Enforcement Network, has issued final regulations (the "FBAR Regulations") under the Bank Secrecy Act concerning reports of foreign financial accounts. The final FBAR Regulations were issued on February 24, 2011 and can be found in the Federal Register through the following link http://www.gpo.gov/fdsys/pkg/FR-2011-02-24/html/2011-4048.htm. The form used to file the required report is the Report of Foreign Bank and Financial Accounts – Form TD-F 90-22.1, commonly known as the "FBAR" report. In addition, if an individual has an FBAR reporting requirement, he or she will generally be required to indicate such fact on his or her individual federal income tax return for the year to which the FBAR report relates.
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