Perspective
Nov. 2, 2012
New 'streamlined' FBAR filing process not for faint of heart
The new FBAR filing procedures became effective Sept. 1. Those who qualify under the procedures will only have to file tax returns for three years, instead of the usual eight years under OVDP. By Dennis Brager of Brager Tax Law Group
If you have clients whom you suspect have funds located outside the U.S., you should discuss with them their responsibility for filing the Foreign Bank and Financial Account Report, TD F 90-22.1, more commonly known as the FBAR. If they reside overseas the recent changes in IRS procedures for those who have previously failed to file FBARs may benefit some of them.
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