Gail Chapman Haynes of the Pension Real Estate Association, has issued a correspondence to the IRS and Treasury. The correspondence requests the following from the IRS and Treasury: "(A) The following specific guidance:
(1)
that public and private tax exempt organizations be exempt from the
filing requirements of the FBAR rules; and their directors, officers
and employees likewise be exempt from the filing requirements of the
FBAR rules with respect to any signature or other authority over
financial accounts owned by or on behalf of such tax exempt
organizations;
(2) that foreign real estate investment funds be excluded from the definition of a "foreign financial account" for FBAR purposes; and
(3) in the event item (1) above is not granted, then directors, officers and employees of a tax exempt organization be exempt from the FBAR filing requirements that may arise solely due to signature or other authority over financial accounts owned by or on behalf of such organization, to the extent that such accounts are reported by the organization under the FBAR rules and such director, officer or employee has no personal finance interests in such accounts; and
(B) an extension of time to comply with the FBAR filing requirements, until such time as definitive guidance is published."
Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal.
(2) that foreign real estate investment funds be excluded from the definition of a "foreign financial account" for FBAR purposes; and
(3) in the event item (1) above is not granted, then directors, officers and employees of a tax exempt organization be exempt from the FBAR filing requirements that may arise solely due to signature or other authority over financial accounts owned by or on behalf of such organization, to the extent that such accounts are reported by the organization under the FBAR rules and such director, officer or employee has no personal finance interests in such accounts; and
(B) an extension of time to comply with the FBAR filing requirements, until such time as definitive guidance is published."
Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal.
Leave a comment