The Resource The final word on the F word : FBAR

The final word on the F word : FBAR

The final word on the F word : FBAR
The final word on the F word : FBAR
The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury issued on 23 February 2011 a Final Rule amending the Bank Secrecy Act (BSA) implementing regulations with respect to the Report of Foreign Bank and Financial Accounts (FBAR). The Final Rule deals with five major areas: (1) the types of persons required to file the FBAR; (2) the meaning of the term "financial account"; (3) the meaning of the term "financial interest"; (4) the definition of "signature or other authority"; and (5) miscellaneous reporting requirements. In addition, the revised FBAR (March 2011) with new instructions was released to coincide with the issuance of the Final Rule and is the form that is to be used for filings due 30 June 2011. This article discusses the Final Rule and concludes that it provides much guidance with respect to FBAR filings which, heretofore, was missing. Nonetheless, there's room for improvement, especially in areas that currently exact needless multiple filings with respect to the same account
Citation source
In: Tax management international journal. - Arlington. - Vol. 40 (2011),
Tanenbaum, E
Geographic coverage
North America
Language note
  • FBAR
  • foreign bank
  • bank secrecy
The final word on the F word : FBAR

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