Temporary IRS Guidance Relieves Governmental Plans of Most FBAR Filing Requirements Until June 30, 2011; Proposed FinCEN Guidance Would Permanently Relieve Governmental Plans of all FBAR Filing Requirements

Fri, 05 Mar 2010 09:00:00 CST

by Luke D. Bailey
On Friday, February 26, 2010, Treasury’s Financial Crimes Enforcement Center (“FinCEN”) released proposed changes to the FBAR regulations that, among other things, appear intended to relieve state and local government retirement and welfare benefit funds (hereinafter, “governmental plans”) and their directors, officers, and employees, from all FBAR reporting requirements. While FinCEN’s changes are only proposed, temporary IRS guidance accompanying FinCEN’s release provides most of the same relief immediately, lasting until June 30, 2011.......

Strasburger Public Pension Plans Newsletter

Temporary IRS Guidance Relieves Governmental Plans of Most FBAR Filing Requirements Until June 30, 2011; Proposed FinCEN Guidance Would Permanently Relieve Governmental Plans of all FBAR Filing Requirements