Recent Changes to FBAR Reporting Obligations

March 10, 2010
The IRS recently issued new guidance on the Report of Foreign Bank and Financial Account (“FBAR”) filing requirements of U.S. persons. Among other things, it clarifies the reporting obligations of investors in foreign mutual funds, hedge funds, and private equity funds, as well as the obligations of persons with signature or other authority over foreign accounts. This update examines the new guidance and a related notice on proposed rulemaking by the Financial Crimes Enforcement Network.