The area of FBAR filings (Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1) has been a hotbed of activity recently, for practitioners, taxpayers, and the IRS. In October 2008, the IRS revised the FBAR and the accompanying instructions. On June 5, 2009, the IRS issued Announcement 2009-51, 2009-25 I.R.B. 1105, which stated that the IRS is temporarily suspending the filing requirement of the FBAR for those persons who are not U.S. citizens, residents, or domestic entities. On May 6, 2009 and June 24, 2009, the IRS posted questions and answers (Q&As-9 and -43, respectively) on its public website that provide relief to certain persons who only recently learned of their obligation to file an FBAR by setting forth conditions and procedures for filing Form TD F 90-22.1 by September 23, 2009.
The announcements continue. The IRS has now announced that two categories of filers can wait until June 30, 2010 to file FBAR's for 2008 and prior years (FBARs are usually due by June 30 of the calendar year after the reporting year). The purpose of the delay is to give the IRS time to provide more guidance as to who and how much file for these categories.
The two categories of filers who can take advantage of the deferred filing date are (i) persons with signature authority over, but no financial interest in, a foreign financial account, and (ii) persons with a financial interest in, or signature authority over, a foreign commingled fund.
Notice 2009-62, 2009-35 IRB, 08/07/2009
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