Tax Law Alert: Deadline Approaching to Participate in Relief Related to Foreign Bank Account Reporting (FBAR)
8/22/2011

August 31, 2011 is the deadline for participating in the 2011 Offshore Voluntary Disclosure Initiative. The initiative primarily concerns the TD F 90-22.1, commonly referred to as an "FBAR." The FBAR is used to report a financial interest in, or signature authority over, a foreign bank, securities or other financial account where the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. The initiative may also apply to other information returns required for other foreign investments, such as certain interests in foreign corporations and foreign trusts. Although participation in the initiative generally requires that all applicable documents be submitted by August 31, 2011, an extension of up to 90 days may be allowed to persons who have begun the process by August 31, 2011.

For our previous alert discussing the initiative and related issues click here.

For IRS guidance on the initiative in the form of Frequently Asked Questions click here.

Please contact one of the attorneys listed below if you have questions:

Eric Kodesch at (503) 294-9684 or ejkodesch@stoel.com
Bethany Bacci at (503) 294-9837 or babacci@stoel.com
Chris Heuer at (503) 294-9206 or ckheuer@stoel.com
Greg Jenner at (612) 373-8857 or gfjenner@stoel.com
Adam Kobos at (503) 294-9246 or ackobos@stoel.com
Carl Lewis at (206) 386-7688 or cslewis@stoel.com
Kevin Pearson at (503) 294-9622 or ktpearson@stoel.com

IRS Circular 230 notice: The information contained herein was not intended or written to be used, and cannot be used, by you or any other person (i) in promoting, marketing or recommending any transaction, plan or arrangement or (ii) for the purpose of avoiding penalties that may be imposed under federal tax law.