On February 24, 2011, a division of the United States Treasury Department issued final regulations (Final Regulations) concerning the Report of Foreign Bank and Financial Accounts, IRS Form TD-F 90-22.1 (FBAR). Although the Final Regulations provide some relief for employee benefit plans and plan sponsors, they do not provide a blanket exemption for benefit plans. Thus, plan sponsors whose plans have foreign financial accounts should be aware of the upcoming June 30, 2011 filing deadline for 2010 filings. The following discussion is intended to describe the most significant aspects of the Final Regulations for plan sponsors.
