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IRS Grants Filing Extension for the Report of Foreign Bank and Financial Accounts (FBAR)

On August 7, 2009, the Internal Revenue Service issued Notice 2009-62, extending the filing deadline for Form TD F 90-22.1 (commonly referred to as FBAR) for calendar year 2008 and prior years, from June 30, 2009 to June 30, 2010, for (i) persons with signature or other authority over, but no financial interest in, a foreign financial account, and (ii) persons with a financial interest in, or signature or other authority over, a foreign commingled fund (such as foreign investment entities) (the 2010 Extension). According to the notice, the IRS intends to issue formal guidance before June 2010 regarding the scope of the FBAR filing requirement for such persons.

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