Tax News

CCH (cch.taxgroup.com) reports:

  The IRS is temporarily suspending the requirement to file foreign bank account reports (FBARs) (Forms TD F 90.22-1, Report of Foreign Bank and Financial Accounts) due on June 30, 2009, for persons who are not citizens, residents, or domestic entities. Form TD F 90.22-1, which was revised in October 2008, changed the definition of "United States person" and resulted in some confusion that may require additional guidance. Therefore, for FBARs due on June 30, 2009, taxpayers should use the prior (July 2000) definition in determining who must file an FBAR. Under that former definition, a "United States person" is (1) a citizen or resident of the United States, (2) a domestic partnership, (3) a domestic corporation, or (4) a domestic estate or trust. Taxpayers required to file an FBAR due on June 30, 2009, should still file the current version of Form TD F 90.22-1. The substitution of the prior definition of "United States person" applies only with respect to FBARs due on June 30, 2009.

  Comments regarding the revised FBAR form and instructions should be submitted by August 31, 2009.

IR-2009-58,
2009FED ¶46,395

Announcement 2009-51, 2009FED ¶46,396

Other References:

 
Code Sec. 6011

  CCH Reference - 2009FED ¶35,141.48

  Tax Research Consultant

  CCH Reference - TRC FILEBUS: 9,104