Revised foreign bank account reporting causes additional burdens for investment funds and advisors

Revised foreign bank account reporting
Download Revised foreign bank account reporting causes additional burdens for investment funds and advisors

Investment fund managers should be aware of major changes to the foreign bank account reporting rules that impact filings due on June 30, 2009. Form TD F 90-22.1, "Report of Foreign Bank and Financial Accounts," has been revised and now requires significantly more information to be provided to the Internal Revenue Service (“IRS”) regarding foreign financial accounts and non-US owners of such accounts.

This reporting impacts US individuals and entities that have ownership or control over foreign financial accounts. Failure to file properly could bring significant monetary and criminal penalties. Given the expanded scope of these reporting requirements, investment managers should begin to assess the impact of these new reporting rules on their filing obligations and determine the best course of action.

To access the article on revised foreign bank account reporting, click here.

Below are the instructions and form referenced in the article: