Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has extended the due date for certain specified persons to file foreign bank account reports (FBARs) (Forms TD F 90-22.1, Report of Foreign Bank and Financial Accounts) for 2008 and earlier calendar years. Citing additional time needed by the Treasury Department to address issues pertaining to FBAR filing requirements and the need to provide administrative relief for specified persons, the IRS has provided that eligible persons have until June 30, 2010, to file FBARS for 2008, 2009 and earlier calendar years. Specified persons are (1) persons with signature authority over, but no financial interest in, a foreign financial account, and (2) persons with a financial interest in, or signature authority over, a foreign commingled fund.

  Current instruction to the FBAR provide that Form TD F 90-22.1 with respect to a given calendar year must be filed with the Treasury Department on or before June 30 of the succeeding year. Thus, except as provided in prior relief granted by the IRS on its website (www.irs.gov) and the relief granted in this notice, FBARs with respect to the 2008 calendar year should have been filed on or before June 30, 2009. The prior relief provided on the IRS website allowed certain persons who had only recently learned of their filing obligations to file Forms TD F 90-22.1 by September 30, 2009. The new relief supplemented that previous filing extension.

  The Treasury Department intends to issue regulations clarifying the FBAR filing requirements pertaining to the specified persons described above. It is soliciting public comments related to a number of related issues affecting a person's FBAR filing requirements. Comments must be received by the IRS by October 6, 2009.

Notice 2009-62, 2009FED ¶46,441

Other References:

 
Code Sec. 6011

  CCH Reference - 2009FED ¶35,141.48

  Tax Research Consultant

  CCH Reference - TRC FILEBUS: 9,104