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FBAR: Challenges for Clients and Firms Alike
Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts” (commonly known as the “FBAR”), is an annual report that “U.S. persons” are required to file to disclose financial interests, or signatory or similar interests, in foreign bank and financial accounts (“foreign accounts”). While it is administered by the Commissioner of Internal Revenue (the “Commissioner”), the FBAR is required to be filed pursuant to Treasury Regulations relating to the Bank Secrecy Act, not the Internal Revenue Code (the “Code”).
The FBAR is not filed with the tax return, discloses no information about the income derived in a foreign account, and is not used for calculating any tax obligations. Yet the Internal Revenue Service (“IRS”) has converted the FBAR from a minor information report to a primary tool for pursuing hidden bank accounts.
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