Eisner Announces Formation Of FBAR VCR Task Force

Wednesday, September 9, 2009 - 01:00

Eisner LLP, one of the nation's leading accounting and business advisory services firms, today announced the formation of its FBAR VCR Task Force to assist investors and other parties to 1) comply with U.S. Treasury Department Form 90-22.1 FBAR filing requirements and 2) assess their participation in the Internal Revenue Service's related VCR program. Both the currently available FBAR filing extension for 2008 and the VCR program have filing deadlines of September 23, 2009, as described inEisner's Tax Alerts of May 27, 2009 (http://www.eisnerllp.com//WorkArea/showcontent.aspx?id=4127) and June 25, 2009 (http://www.eisnerllp.com//WorkArea/showcontent.aspx?id=4187).

The FBAR VCR Task Force will focus on assisting 1) investors with financial interests in foreign accounts and other international interests and 2) attorneys for such investors as they endeavor to comply with applicable requirements. Task Force members will review U.S. investors' and other parties' relevant facts to assess if they, or any affiliated entities, have2008 and prior-year FBAR disclosure and filing requirements. The Task Force will also help to determine if there are federal and state income tax liabilitiesdue with respect to income generated by foreign financial accounts. Based on further analysis, Eisner will work with legal counsel in reviewing aninvestor's facts to determine appropriate remedies.Working with an investor's legal counsel, Task Force members will also helpto determine if participation in the VCR program is advisable and, if so,assist in VCR program applications and related filings.

The Task Force is chaired by Brent Lipschultz (blipschultz@eisnerllp.com), Eisner's International Wealth Advisory Practice leader, together with Walter Pagano (wpagano@eisnerllp.com), partner-in-charge of Eisner's Litigation Consulting and Forensic Accounting Group.Other members include tax partner Jay Bakst, tax principals Harold Adrion, John Forry and Jon Zefi, and Timothy Speiss, partner-in-charge of Eisner's Personal Wealth Advisory Practice.