Multinationals and their Officers and Employees Should Pay Attention to 2011 Foreign Bank Account Reporting on FBARS and Tax Returns

The 30 June 2012, deadline for filing Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR) for 2011 is imminent, and US and foreign multinationals, and their officers and employees, should pay attention to the reasonably complex foreign bank and financial account reporting issues. The FBAR reporting requirements, in particular certain exceptions applicable to multinationals, and their officers and employees, and related tax return reporting requirements, are different for 2011 than in prior years. A recent Baker & McKenzie Client Alert provides some guidance for multinationals, and their officers and employees, seeking to complete the FBAR.