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Nov 1, 2009 12:00 PM
FBAR Problems And Proposed Solutions
The IRS is working hard to ensure U.S. persons report their foreign accounts. That's commendable. But let's make sure the rules make sense
The Internal Revenue Service's recent efforts to enforce the reporting of foreign bank accounts has created a lot of confusion for many people. This is particularly true for beneficiaries of trusts, as well as for holders of interests in foreign hedge funds and private equity funds. In fact, during the past four months, the IRS has offered taxpayers several different extensions of time to file the “Report of Foreign Bank and Financial Accounts” (FBAR) in an attempt to encourage taxpayers to sort out the filing requirements and submit their FBAR forms. As a result, the number of FBAR filers has skyrocketed, despite the significant effort and cost associated with filing current and past FBAR reports. Clearly, further guidance from the IRS is sorely needed. In the meantime, certain measures can be taken that might help minimize the impact of the FBAR filing requirements.
The federal Bank Secrecy Act, which was enacted in 1970, requires U.S. persons who have a financial interest in, or signature authority over, any foreign accounts in any calendar year to report these accounts if the aggregate value of all such accounts exceeded $10,000 on any day during such year.
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| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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