Aug 2009
In brief
Further to our publication on the Internal Revenue Service's "Amnesty" Program in July 2009, the Internal Revenue Service ("IRS") Notice 2009-62 ("Notice"), released on 10 August 2009, extends the due date of Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (commonly referred to as "FBAR") for 2008 and prior years to 30 June 2010 for filers with "signature or other authority" and for filers with a financial interest in or signature or other authority over "commingled funds". Public comments are requested on multiple issues in the Notice.
The FBAR filing extension provided in the Notice supplements the filing extension to 23 September 2009, previously provided by the IRS on its public website.
The extension applies specifically to two particular groups of U.S. persons.
Extended due date for filing an FBAR
Notice 2009-62 provides administrative relief in the form of an extended due date for Form TD F 90-22.1, FBAR for the following individuals:
- Persons with signature authority over, but no financial interest in, a foreign financial account; and
- Persons with a financial interest in, or signature authority over, a foreign commingled fund.
This Notice provides that these individuals have until 30 June 2010 to file an FBAR for 2008 and earlier calendar years with respect to their foreign financial account(s) reporting responsibility.
In June 2009, the IRS stated that they are temporarily suspending the filing requirement of the FBAR for those persons who are not U.S. citizens, residents, or domestic entities. In addition, the IRS posted questions and answers on their website that provides relief to certain persons who have 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 23 September 2009.
For other types of filing requirements that qualify under the "Amnesty" Program which need to be acted by 23 September 2009, please refer to our publication "IRS "Amnesty" Program offers taxpayers opportunity to come clean on delinquent filings - but must act by 23 Sep 2009" issued in July 2009.
Request for public comments
Notice 2009-62 also states that the Department of Treasury is interested in receiving comments on several issues that directly affect an individual's FBAR filing obligation.
The deadline request for submission of comments and suggestions with respect to FBAR reporting is 6 October 2009.
For complete details on the issues that the Department of Treasury is interested in obtaining comments on and where to send these comments and suggestions, please refer to Notice 2009-62 that is located on the IRS's website.
Note: This document was not intended or written to be used, and it cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer.
