FBAR Resources

January 25, 2010

TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), must be filed by U.S. persons having a financial interest in or signature authority or other authority over any financial account in a foreign country if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.

June 30 is the deadline for filing the current year FBAR.

The following is a collection of JofA news, analysis and feature articles and AICPA and IRS resources dealing with the newly revised FBAR.

NEWS

Swiss Court Halts Release of Some UBS Account Holder Data
Jan. 25, 2010
A Swiss court has held that the Swiss bank UBS does not have to hand over to the IRS confidential data on 26 accounts under a settlement agreement between the United States and Switzerland negotiated in August 2009. Under the agreement, UBS is supposed to turn over for investigation information concerning approximately 4,450 accounts.

UBS Targets Come Into Focus
Nov. 20, 2009
The IRS has released the selection criteria for identifying holders of accounts with Swiss bank UBS under a U.S. settlement agreement with the Swiss government negotiated in August. Under the agreement, UBS will turn over information concerning approximately 4,450 accounts for investigation. IRS Commissioner Doug Shulman also recently announced that about 14,700 taxpayers had come forward to disclose offshore assets under a reduced penalty program, nearly twice as many as Shulman had estimated on Oct. 15, when the program ended.

Offshore Account Voluntary Disclosure Deadline Extended to Oct. 15
Sept. 21, 2009
The IRS extended the deadline for voluntary disclosures by taxpayers with unreported income from hidden offshore accounts from this Wednesday, Sept. 23, to Oct. 15. The IRS cautioned that there would be no further extensions.

IRS Extends FBAR Filing Date for 2008 Filings
Aug. 7, 2009
The IRS announced Friday in Notice 2009-62 that it is extending for certain taxpayers the due date for filing calendar year 2008 Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). Because the Treasury Department is still working out various FBAR filing issues, it has decided to give certain taxpayers until June 30, 2010, to file FBARs for 2008 and earlier calendar years.

IRS Releases Streamlined Offshore Voluntary Disclosure Form
July 31, 2009
On July 29, the IRS posted to its Web site a three-page "optional format" short form for taxpayers to use when disclosing applying for the Voluntary Disclosure Program.

New Voluntary Compliance FAQs
June 25, 2009
On June 24, the IRS released new voluntary compliance FAQs, including instructions for taxpayers who only recently learned of their FBAR filing obligation and guidance on delinquent information returns.

Reminder: Foreign Bank Account Report (FBAR) Forms Must Be Received by the IRS by June 30
June 6, 2009
FBAR forms must be received (not just mailed) by June 30; however, the IRS has let non-U.S. taxpayers off the hook for now by reverting to the old definition of “U.S. person.”

FBAR Penalties Reduced for Six Months
April 22, 2009
The IRS created a framework for voluntary disclosure requests containing offshore issues, such as previously undisclosed foreign financial accounts and entities. The policy will remain in place for six months until Sept. 23, 2009.

ARTICLES

Report of Foreign Bank and Financial Accounts: Significant Revisions and Severe Penalties
June 10, 2009
The revised version of the FBAR form surprised many practitioners. This article discusses the new reporting requirements and new traps for the uninitiated.

FBAR Voluntary Disclosure Questions Answered
June 11, 2009
The IRS has answered 51 “frequently asked questions” (FAQs) about its voluntary disclosure and settlement option for previously unreported offshore financial accounts and entities and income from them. The six-month window for making disclosures under the program ends Sept. 23.

RESOURCES

AICPA-ABA Teleconference on Aug. 20 on FBAR Issues
Aug. 10, 2009
The AICPA’s Tax Section and PFP Section are cosponsoring with the ABA Section of International Law a 90-minute teleconference on Aug. 20 at 11 a.m. on FBAR reporting and the IRS Offshore Income Voluntary Disclosure Program.

AICPA/ABA Teleconference on FBAR Issues
June 25, 2009
On Friday, June 12, the AICPA Tax Section and PFP Section cosponsored with the ABA a teleconference on FBAR reporting. The teleconference featured a panel of IRS FBAR experts. Listen to the audio here (95 minutes).

Chart of Information Needed From Clients
June 24, 2009
A handy document for gathering from clients the information needed to file FBAR, produced by the AICPA's FBAR Task Force. (Opens in Microsoft Word.)

FBAR Reporting Requirements - Issues to Consider
June 24, 2009
This report from Eisner LLP outlines FBAR reporting requirements. (Opens as a PDF.)

IRS Voluntary Compliance Questions
June 8, 2009
The information below includes questions that IRS Criminal Investigation special agents have asked some taxpayers participating in the IRS Offshore Voluntary Compliance program. Practitioners might want to document the facts as fully as possible in a detailed summary when submitting under the program.

GUIDANCE

FBAR Procedural

Announcement 2009-51, temporarily reverting to old definition of “United States person”

New TD F 90-22.1 FBAR and instructions

IRS reminder of June 30 FBAR deadlines

IRS information on FBAR reporting

FBAR FAQs

Publication 4261, Do You Have a Foreign Financial Account?

IRS’s Beth Elfrey discusses FBAR changes

IRS’s Beth Elfrey discusses new FBAR

IRS OPR information on professional responsibility and FBAR

IRS headliner on FBAR reporting by persons with only signature authority