Trust Updates Archive
(August 10, 2009--Chicago, IL) -- The 2008 and 2009 filings of the IRS Foreign Bank and Financial Accounts report have been extended to June 30, 2010 for those persons who have signature authority over, but no financial interest in, a foreign account, including commingled accounts, according to IRS Notice 2009-62.
The IRS requires all U.S. persons, including financial institutions that have signature authority over a foreign account, including commingled accounts, to annually disclose those accounts on IRS form TD F 90.22-1. The filing deadline is normally 6 months following calendar year end.
The IRS filing extensions result from confusion over its October 2008 revised definition of U.S. person. The agency first extended the 2008 deadline to September 2009.
The IRS is also requesting industry comments regarding exemptions and possible expansion of FBAR filing rules. The deadline for filing comments is October 6, 2009. Comments can be sent electronically to mailto:Notice.Comments@irscounsel.treas.gov with a copy to mailto:email@example.com, referencing CC:PA:LPD:PR (Notice 2009-62).
For a copy of IRS Notice 2009-62 Click Here
For more on this topic, including FBAR filing requirements for pension funds and the IRS voluntary compliance initiative for underreporting of foreign income, see the upcoming issue of Trust Regulatory News.
No statement in this issue is offered as or should be construed as legal opinion or advice or as an indicator of future performance.
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