Window of Opportunity Closing for Taxpayers with Foreign Bank Accounts or Investments in Foreign Mutual or Other Similar Pooled Funds

Manufacturing and Distribution

May 20, 2011
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The Internal Revenue Service has dramatically increased its focus on offshore tax reporting. At the same time, it has clarified the definition of accounts for which an annual disclosure form must be filed. If certain conditions are met, you must disclose your financial interest in or signature authority over your foreign bank, mutual, or other similar pooled fund account. Disclosure is made on Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, commonly known as the FBAR. This Alert highlights several alternatives the IRS has laid out for you to "fix" prior omissions. 


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