IRS Announcement Permits Use of Old Definition of 'U.S.Person' for June 30, 2009 FBAR Filing

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IRS Announcement 2009-51, issued on June 5, 2009, suspended the new definition of “U.S. Persons” for purposes of the FBAR filing due at the end of this month with respect to accounts reportable for the 2008 calendar year. This announcement provides good news to certain “persons” who may have fallen within the definition of “U.S. Persons” under the new Report of Foreign Bank and Financial Accounts, Form TD F 90.22-1 (commonly referred to as the Foreign Bank Account Report or “FBAR”). Most significantly, branches of foreign entities doing business in the United States will not be required to file the FBAR due June 30, 2009.

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