IRS Updates FBAR Guidance

The IRS has released guidance that clarifies how taxpayers should answer questions related to foreign financial accounts on their 2010 tax returns.   For 2010 tax returns filed on or after March 28, 2011, the final FBAR regulations, along with the recently revised FBAR form and instructions, should be referenced. The final FBAR regulations were adopted on February 24, 2011, and became effective on March 28, 2011.