The recent press coverage of the IRS’ enforcement efforts to obtain information from Swiss banking giant UBS about accounts it maintained for U.S. taxpayers and the criminal prosecutions that the Tax Division of the Justice Department has initiated since April 2009 against U.S. foreign account holders have shined the spotlight on the existence of what was previously a little-known and seemingly innocuous U.S. Treasury Department Form — the “Report of Foreign Bank and Financial Accounts” form or “FBAR.”
Formally known as Form TDF 90-22.1, the FBAR has, in fact, been around for many years and had its origin, along with the better-known domestic “Currency Transaction Report” or “CTR” banks are required to file if a person deposits or withdraws cash in over $10,000 amounts, in the Currency and Foreign Transactions Reporting Act (otherwise known as the Bank Secrecy Act or BSA) enacted in 1970. Congress’ stated purpose in enacting the BSA was to combat the use of tax havens by U.S. taxpayers to hide income, evade taxes and facilitate other illegal activities.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
