The Financial Crimes Enforcement Network (FinCEN) on Thursday issued a final rule that amends the regulations under the Bank Secrecy Act (BSA) regarding Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), to clarify when an account is foreign and therefore reportable as a foreign financial account and the definition of key terms like “signature or other authority.”
FinCEN, which is an agency of the Treasury Department, said the IRS will soon publish instructions for completing the FBAR form. More information on developments in FBAR filing requirements over the past two years is available at the JofA’s “FBAR Resources” page.
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