1. The US Treasury Department published final regulations in February 2011 amending the Report of Foreign Bank and Financial Accounts (FBAR) which took effect in March 2011.
2. United States citizens and residents are required to file an FBAR if they had over $10,000 in aggregate in foreign financial accounts such as bank, securities or investment accounts during the calendar year.
3. The FBAR must be received by the Department of Treasury by June 30th of the year following the calendar year being reported and is filed separately from tax returns. Penalties exist for willful or repeated non-compliance.
This document contains proposed regulations under sections 1471-1474 of the Internal Revenue Code regarding information reporting by foreign financial institutions with respect to U.S. accounts and withholding on certain payments to FFIs and other foreign entities. It provides background on chapter 4 of the Code, which generally requires FFIs to report information on U.S. accounts to the IRS and requires withholding on payments to non-compliant FFIs. It also announces a public hearing to receive comments on the proposed regulations.
1. The US Treasury Department published final regulations in February 2011 amending the Report of Foreign Bank and Financial Accounts (FBAR) which took effect in March 2011.
2. United States citizens and residents are required to file an FBAR if they had over $10,000 in aggregate in foreign financial accounts such as bank, securities or investment accounts during the calendar year.
3. The FBAR must be received by the Department of Treasury by June 30th of the year following the calendar year being reported and is filed separately from tax returns. Penalties exist for willful or repeated non-compliance.
This document contains proposed regulations under sections 1471-1474 of the Internal Revenue Code regarding information reporting by foreign financial institutions with respect to U.S. accounts and withholding on certain payments to FFIs and other foreign entities. It provides background on chapter 4 of the Code, which generally requires FFIs to report information on U.S. accounts to the IRS and requires withholding on payments to non-compliant FFIs. It also announces a public hearing to receive comments on the proposed regulations.
