Treasury extends FBAR reporting deadline for certain persons

Tax Alert

The Treasury Department has issued Notice 2009-62, which delays until June 30, 2010 the deadline for certain persons to file a Report of Foreign Bank and Financial Accounts (FBAR) for calendar year 2008 and earlier calendar years.

The new deadline, announced August 7, 2009, applies to:

(A) persons with signature or other authority over, but no financial interest in, a foreign financial account and

(B) persons with a financial interest in, or signature authority over, a foreign financial account in which the assets are held in a comingled fund (including a mutual fund, and likely also hedge funds, private equity funds and venture capital funds).

For these two categories of persons, the June 30, 2010 filing deadline supplements the September 23, 2009 deadline for penalty free disclosure of foreign financial accounts established by the Internal Revenue Service for taxpayers who were unaware of the FBAR filing obligation and who did not have sufficient time to gather the information necessary to file by the annual June 30 deadline. All persons with an interest in a foreign financial account who are not covered by Notice 2009-62 must report such account by September 23, 2009.

The Treasury Department intends to issue regulations clarifying the FBAR filing requirements. The administrative relief granted by Notice 2009-62 provides time for the Treasury Department to consider comments, that are solicited in the Notice, on specific issues related to such filing requirements. Please access a copy of Notice 2009-62 here.