FBAR: FinCEN (2010 Proposed Regulations)
In March 2010, the Journal of Accountancy published the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) Proposed Regulations (RIN 1506-AB08, amending 31 CFR Part 103) which:
1. Defined a U.S. Person required to file FBAR for foreign accounts (“U.S. Citizen, resident or domestic entity”).
2. Defines signature authority (control assets held in foreign account).
3. Clarifies financial interest in a foreign financial account to include a U.S. Person who has a more than 50% ownership interest (i.e., stock interest [in a corporation], capital interest [in a partnership], beneficial interest in the assets or current income [of a trust]).
Please see the Journal of Accountancy March 2010 discussion, IRS Extends Relief for Some FBAR Filers; Prop. Regs Clarify Certain FBAR Definitions
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