March 2010

The Internal Revenue Service (IRS) issued Notice 2010-23 and Announcement 2010-16 (collectively, the “IRS Guidance”) regarding Form TD F 90-22.1, Report of Foreign Bank And Financial Accounts (the FBAR) on February 26, 2010.

Notice 2010-23 provides administrative relief to taxpayers who would otherwise be required to file the FBAR by June 30, 2010. Announcement 2010-16 suspends the FBAR filing requirement for persons who are not U.S. citizens, U.S. residents, or domestic entities.

The Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, contemporaneously issued proposed regulations regarding FBAR filing requirements (the “Proposed Regulations”). This alert discusses the IRS Guidance and the Proposed Regulations.

Continue reading IRS And FinCEN Revise FBAR Filing Requirements

Related reading:

Update – Foreign Financial Accounts: June 30 Filing Requirement for Individuals
Catherine and News & Commentary (29 June 09)

Foreign Financial Accounts: June 30 Filing Requirement for Individuals
Catherine and News & Commentary (24 June 09)

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Given the interest in the housing and mortgage bubble, here are links to introduce leading institutional players in the governance, regulation and credit guarantee/enhancement of the US mortgage market.

As the housing and mortgage bubble was a component of the “strong dollar policy,” the same players are also present in the other components, including the suppression of the gold price (a necessary step that preceded this bubble as the suppression of the gold price turns off the financial “smoke alarm”) and the refusal to produce audited financial statements for the US government from fiscal 1995 to date (as required by law) thus allowiing trillions to go missing from the US government.