OUR THOUGHTS ON:

Deadline Approaching for Signature Authority FBARs

Tax

By Ron Kramer

In Notice 2011-54, the Internal Revenue Service (IRS) gave those individuals who had signature authority over, but no financial interest in foreign financial accounts an extension of time until November 1, 2011 to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) for 2009 and earlier calendar years. The FBARs for these years were originally due to be filed by June 30, 2011.

The IRS granted the extension of time until November 1, 2011 to file the signature authority FBARs for 2009 and prior years because of the difficulty some individuals were having gathering the necessary information to file accurate FBARs. However, IRS Notice 2011-54 made clear that the June 30, 2011 deadline for reporting either signature authority over, or a financial interest in, foreign financial accounts for the 2010 year remained unchanged.

Accordingly, individuals with signature authority over foreign financial accounts for 2009 and earlier calendar years are reminded of the fast approaching November 1, 2011 deadline to file FBARs. So far there is no indication that the IRS will further extend this deadline.

If you have any questions regarding FBAR filing requirements, please contact a Schneider Downs tax representative.

© 2011 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax-related matter.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments