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New regulations effective March 29, 2011, can affect a significant number of US persons with a financial interest in, or signature authority over, foreign financial accounts reported on the Form TD F 90-22, Report of Foreign Bank and Financial Accounts, commonly referred to as FBAR
Officers and employees who are US citizens or residents may have to file a Form TD F 90.22-1, Report of Foreign Bank and Financial Accounts (FBAR), by June 30, 2012, to report a financial interest in, or signature or other authority over, foreign financial accounts
On February 8, 2012, the Department of Treasury and Internal Revenue Service issued the long-awaited proposed regulations providing guidance for foreign financial institutions, non-financial foreign entities, and US withholding agents to implement various provisions under the Foreign Account Tax Compliance Act (FATCA) of 2009, which was a comprehensive proposal to clamp down on US tax evasion and improve taxpayer compliance by providing the IRS with new administrative tools to detect and deter offshore tax abuses
