The Foreign Bank and Financial Account Reporting (FBAR) has been making the news. Today’s Wall Street Journal has an article detailing some of the issues with the filing requirements.
Additionally, the New York State Bar Association isn’t happy with the lack of guidance by the IRS and Treasury on FBAR. In a 32-page letter they detail some of the guidance they’d like the IRS to provide. While the NYSBA focuses on hedge funds (somewhat naturally) they do cover some of the other problem areas with FBAR.
A reminder: The deadline for complying with the FBAR requirements remains September 23rd.
Tags: FBAR