Proposed FBAR Regulations Address Some Concerns but Leave Many Questions Unanswered
The Treasury Department has released proposed regulations that would provide some relief to filers attempting to determine their obligations under the rules regarding the Report of Foreign Bank and Financial Accounts (the “FBAR”), but the regulations do not address many of the problems that commentators have identified with the FBAR rules. These proposed regulations are Treasury’s response to comments it solicited in Notice 2009-62.
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