FBAR Filings – Reminder And Updates

U.S. persons required to file a Report of Foreign Bank and Financial Accounts ("FBAR") should be aware that FBARs generally are due June 30, 2011 for both (i) 2010 and (ii) prior years for which the due date was extended under prior IRS guidance. For certain filers, this deadline was postponed until June 30, 2012 under Notice 2011-1, which was released yesterday by the Financial Crimes Enforcement Network ("FinCEN").

Below is a brief summary of the FBAR filing requirements, as well as certain items of note under the most recent guidance, including FBAR regulations (the "Regulations") issued by FinCEN in February 2011, Notice 2011-1 issued by FinCEN yesterday, and revised instructions to the FBAR, Form TD F 90-22.1, issued by the IRS in March 2011. The Regulations and updated instructions clarify much of the uncertainty that existed in prior years regarding who must file an FBAR. In many cases, these clarifications serve to narrow the FBAR filing obligations, but