On February 26, 2010, the Treasury Department issued a Notice of Proposed Rulemaking (NPRM) proposing to amend the Bank Secrecy Act implementing regulations regarding the Report of Foreign Bank and Financial Accounts (FBAR). The Treasury Department also issued draft instructions to the FBAR, which accompanied the NPRM.
Comments concerning the NPRM and draft instructions are due to the Financial Crimes Enforcement Network (FinCEN) by April 27, 2010.
In addition, the IRS published two pieces of FBAR-related guidance that are immediately applicable.
- Announcement 2010-16 temporarily suspends, for persons who are not United States citizens, United States residents or domestic entities the requirement to the file the FBAR, for the 2009 and earlier calendar years. The Announcement supplements and supersedes Announcement 2009-51. Announcement 2010-16 will be published in Internal Revenue Bulletin 2010-11 on March 15, 2010.
- Notice 2010-23 provides FBAR filing relief for some persons with signature authority and for persons with a financial interest in certain foreign commingled funds. The Notice modifies and supplements Notice 2009-62. Notice 2010-23 will be published in Internal Revenue Bulletin 2010-11, on March 15, 2010.