New IRS Guidance on Foreign Bank Account Reporting

On March 30, 2011, the IRS released Notice 2011-31 regarding the reporting of foreign financial accounts on Form TD-F 90-22.1, Report of Foreign Bank and Financial Accounts (commonly referred to as "FBAR"). The IRS also recently published a revised FBAR form and instructions, which generally conform to the final regulations issued by the Financial Crimes Enforcement Network of the Department of the Treasury (FinCEN) on February 24, 2011. The new guidance will be of significant assistance to persons who participate in the IRS's recently-announced 2011 Offshore Voluntary Disclosure Initiative (OVDI), which offers eligible filers several incentives for FBAR reporting of offshore assets maintained during the 2003 through 2010 tax years.

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