FBAR Filing Deadline for Some is Extended to June 30, 2010

August 2009

The Internal Revenue Service has extended the deadline for some persons to file the Treasury Department Form 90-22.1, Report of Foreign Bank and Financial Accounts ("FBAR") for 2008 and earlier calendar years to June 30, 2010.

The extension is available only for (i) persons with signature authority over (but no financial interest in) a 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 "foreign commingled fund." See IRS Notice 2009-62 (released August 7, 2009). In addition, the IRS requested public comments regarding when a person with signatory authority over, but no financial interest in, an account should not be required to file an FBAR and when a foreign commingled fund should be subject to FBAR reporting.

Our prior alerts on this subject discuss the need for persons with foreign financial accounts to file FBARs, the interpretive questions that have been raised and the notice by the Internal Revenue Service that under certain circumstances, the due date for FBAR filings had been extended until September 23, 2009. We note that there are situations where filing by September 23, 2009 (rather than June 30, 2010) may still be required.