MFA Letter to IRS Commission on Application of FBAR Requirements to Private Investment Funds

MFA submitted a letter to the IRS Commissioner regarding FBAR compliance concerns in light of the upcoming filing deadline and statements made by IRS officials during a recent presentation to industry associations. The letter requests that the IRS (1) provide temporary relief in advance of the filing deadline, and (2) issue formal guidance in response to MFA’s prior submissions, which sought clarity on a number of issues, including whether offshore hedge funds are “financial accounts” for FBAR compliance purposes.