• FBAR: Deadline Approaches, Issues Remain for Employee Plans
  • June 3, 2010 | Authors: Maureen J. Gorman; Debra B. Hoffman; Ryan J. Liebl
  • Law Firms: Mayer Brown LLP - Palo Alto Office ; Mayer Brown LLP - Chicago Office
  • 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.” The guidance was provided in the form of proposed regulations under the Bank Secrecy Act (the “BSA”), IRS Notice 2010-23 and IRS Announcement 2010-16. These materials provide important relief and guidance with respect to FBAR filings. This Update briefly describes the guidance contained in those materials and reviews issues associated with their application to employee benefit plan-related FBAR filings.