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Pillsbury Law Firm Requests IRS Clarification of Foreign Investment Reporting Rules for Pension Plans (PDF)
Pillsbury Winthrop Shaw Pittman LLP 
July 22, 2009
3 pages. Excerpt: In order to diversify their investments, many U.S. qualified retirement plans invest a portion of their trust assets in foreign investment funds. In past years, it has generally been assumed that these investments are not reportable on [the Report of Foreign Bank and Financial Accounts, or 'FBAR'], as long as the plan has a minority interest in the fund. In October 2008, however, the IRS added language to the FBAR instructions stating that 'financial accounts' reportable on FBAR include mutual funds. We understand that certain IRS officials are taking the position that the term 'mutual funds,' for this purpose, includes offshore hedge funds and private equity funds. We believe that this reading is overly broad.
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