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FinCEN Finalizes Amended FBAR Rules
By Brian Monroe
printThe U.S. Treasury Department finalized Thursday amended rules requiring certain individuals and companies to report their offshore holdings to tax authorities. The rules, issued by the Financial Crimes Enforcement Network (FinCEN), detail the scenarios under which Reports of Foreign Bank and Financial Account reports (FBARs) must be filed, generally denying most of the exceptions requested in comment letters following the bureau's proposal of the changes in February 2010. Under U.S. regulations, a resident, citizen or person doing business in the United States must file FBARs to report to the U.S. Treasury Department a financial interest in, or signature authority over,...
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