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.