IRS Extends Deadline for FBAR Amnesty Program for Certain Filers and May Be Reconsidering FBAR Filing Requirement in Certain Circumstances

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Today, the IRS announced an extension to June 30, 2010 for certain filers who are eligible under the March 23, 2009 voluntary disclosure program for those who failed to disclose their foreign financial accounts for the past six years. The IRS explained that it needed more time to provide timely guidance and provide administrative relief 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 commingled fund. The notice can be accessed through this link: http://www.irs.gov/pub/irs-drop/n-09-62.pdf.

The IRS also requested public comments on the following issues....

Please see full update for more information.

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