of interest to today's companies.
Foreign Bank Account Report Update
On Jan. 20, 2010, the AICPA International Tax Resource Panel’s Foreign Bank Account Report (FBAR) Task Force met to discuss the status of current foreign bank account reporting including Form TD F 90-22.1 filing needs and Internal Revenue Service (Service) guidance.
Christine Ballard, an McGladrey Tax Managing Director in Washington, D.C., participated in the meeting and highlights the following considerations:
The Service last issued guidance in Aug. 2009 and has indicated additional guidance is forthcoming.
RSM International, the international network supporting the clients of McGladrey worldwide, has published its quarterly periodical, Border Crossing, which addresses international tax topics. The periodical is a timely and informative look at worldwide tax happenings.