The IRS has issued guidance to taxpayers regarding how to answer questions concerning foreign financial accounts contained in 2010 federal income tax and information returns (See, for example, Schedule B of Form 1040, the “Other Information” section of Form 1041, Schedule B of Form 1065, and Schedule N of Form 1120) (Notice 2011-31, March 30, 2011). In response to the final FBAR regulations, the IRS — on March 26, 2011 — published a revised FBAR form with accompanying instructions. The guidance provides that for returns filed on or after March 28, 2011, the final FBAR regulations will be effective and should be referenced along with the revised FBAR form and instructions when answering foreign financial account-related questions on 2010 tax and information returns. The guidance also provides that for returns filed before March 28, 2011, either the prior FBAR regulations (last amended 1987) along with other then existing FBAR guidance or the final FBAR regulations and revised FBAR instructions may be referenced when answering the foreign financial account questions on 2010 returns.