IRS Further Extends Deadline for Certain 2009 and Earlier FBARs

The IRS has serve extended a deadline for certain persons to record Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), for 2009 and progressing years (IRS Notice 2011-54). The new filing deadline is Nov 1, 2011. The prolongation relates to persons with signature management over a unfamiliar financial account, though no financial seductiveness in a account.

United States persons with a financial seductiveness in, or signature management over, any financial accounts (including bank, bonds or other forms of financial accounts) in a unfamiliar nation contingency record an FBAR if a total value of these accounts exceeds $10,000 during any time during a calendar year.

The IRS had formerly extended a filing deadline for persons with signature management over, though no financial seductiveness in, a unfamiliar financial criticism for 2009 and progressing years to Jun 30, 2011 (see IRS Notices 2009-62 and 2010-23). However, a IRS has been sensitive that influenced people are carrying difficulty compiling a required information indispensable to record FBARs for those years, and so a deadline is being extended to Nov 1, 2011.

The prolongation relates usually to FBARs for 2009 or progressing years; a FBAR deadline for stating financial accounts for 2010 stays Jun 30, 2011 (except in certain singular cases, see “Regulators Extend FBAR Filing Deadline for Certain Financial Professionals”).

The IRS cautions that a prolongation does not impact a requirement to yield information or record FBARs in tie with a 2009 or 2011 offshore intentional avowal initiatives and does not change a deadline for electing to attend in those initiatives.

In a May 31, 2011, criticism minute a AICPA requested that FinCEN discharge or revoke a FBAR filing requirement for 2009 and before years for persons with signature management over, though no financial seductiveness in, a unfamiliar bank or financial account. As alternatives to finish waiver, a AICPA done recommendations to:

  • Limit a prior-year FBAR filings to 2008 and 2009.
  • Conform a due date for a deferred FBARs to that of a 2011 Offshore Voluntary Disclosure Initiative, that is Aug 31, 2011, providing these influenced people a small some-more time to record a prior-year FBARs.
  • Provide a hardship difference or waiver for those persons who had signatory management in a before year(s), though no longer have reasonable entrance to criticism information confirmed by a former employer or identical circumstances.

According to Michelle Koroghlanian, technical manager–tax for a AICPA, “The additional time to record supposing by today’s IRS notice is a acquire relief. It shows that a AICPA’s advocacy efforts are being listened and deliberate by a government.”

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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