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The IRS recently issued guidance that provides relief for certain taxpayers required to file the Report of Foreign Bank and Financial Accounts (IRS Form TD F 90-22.1), commonly known as the “FBAR.”
In our High Net Worth Family Tax Report of August 13, 2008, we reminded you of the filing requirement of Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”), for U.S. persons with a financial interest in, or signature authority over, foreign bank and financial accounts that have aggregate balances over $10,000 at any time during a calendar year
