Some tax-exempt organizations organized in the United States (including the District of Columbia, territories and possessions) that maintain foreign accounts or have signature authority over such accounts, are required to file the Report of Foreign Bank Accounts (FBAR). On February 26, 2010, the Treasury Department issued a Notice of Proposed Rulemaking (NPRM) proposing to amend the Bank Secrecy Act implementing regulations regarding the FBAR. The Treasury Department also issued draft instructions to the FBAR, which accompanied the NPRM.
Comments concerning the NPRM and draft instructions are due to the Financial Crimes Enforcement Network (FinCEN) by April 27, 2010.
In addition, the IRS published two pieces of FBAR-related guidance that are immediately applicable. Find these materials relating to the FBAR filing requirements on www.irs.gov.