After 2.5 years of confusion, the US Treasury Department has released the final regulations regarding who needs to file the Report of Foreign Bank Accounts (FBAR, Form f90221.pdf).
There was a lot of confusion about whether limited liability companies (LLCs) with no US members and no US income were required to file an FBAR, since under tax law and general US legal practice they were not considered to be US residents. The Final Regulations for FBAR now explicitly list LLCs as one of the entity types required to file.
The FBAR form itself has not changed, although the instructions have been updated this year on the IRS website. For a clearer set of instructions check outFBAR information for 2010 which explains the FBAR and its requirements in a graphic, step-by-step process.
If you have any questions about LLCs contact us by email or use our convenient Free Request for Corporate Services form .
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