Saturday, August 8, 2009

Get in Line Brother #16 - IRS Extends FBAR Filing Deadline for Signatory Only Filers

Yesterday, the IRS issued Notice 2009-62, 2009-35 IRB 1, key points of the Notice are:

1. The IRS plans to issue future guidance further refining the FBAR filing requirements for (i) persons with no financial interest in a foreign financial account but with signature or other authority over the foreign financial account, and (ii) persons with a financial interest in, or signature authority over, a foreign financial account in which the assets are held in a commingled fund.

2. In the meantime, pending such future instruction, persons in these categories have until June 30, 2010, to file an FBAR for 2008 and earlier calendar years.

3. The relief provided seems to pre-empt criminal prosecution or even civil penalties for those relying on the relief (which is an extension of the due date for filing thus meaning that, provided they file, they have complied with the FBAR requirements), although there is no express statement to that effect. Thus, there would be no requirement that these persons join the voluntary disclosure program.

4. The extended date is the same date that the 2009 FBAR is due. The relief thus presents an opportunity to prepare 2009 and back years as a package.

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