CLIENT ALERT: Deadline for Filing Your 2009 FBAR is June 30, 2010

Report of Foreign Bank and Financial Accounts (FBAR) deadline applies also to those participating in the Offshore Voluntary Disclosure program

CLIENT ALERT: Deadline for Filing Your 2009 FBAR is June 30, 2010
Report of Foreign Bank and Financial Accounts (FBAR) deadline applies also to those participating in the Offshore Voluntary Disclosure program

June 30, 2010 is the deadline for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, to report interests in foreign accounts held during the 2009 calendar year (the "2009 FBAR").

Who must file an FBAR?
Any United States person who has a financial interest in, or signature authority or other authority over, any financial account in a foreign country, if the aggregate value of such accounts exceeds $10,000 at any time during the calendar year, must file an FBAR.

What if your foreign accounts were closed during the 2009 calendar year?
A 2009 FBAR must be filed even if all foreign accounts required to be reported were closed during the 2009 calendar year.
Do foreign account holders participating in the Offshore Voluntary Disclosure Program have to file the FBAR by June 30?
Yes, those involved in the offshore account amnesty program must file a 2009 FBAR by June 30, 2010, if they met the $10,000 threshold at any time during the 2009 calendar year.

Can you request an extension of the FBAR due date?
No, extensions of the FBAR filing due date are not available. The IRS states on its website that, "The FBAR is due by June 30 of the year following the year that the account holder meets the $10,000 threshold. The granting, by the IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR."

What if you do not have all the information you need to file your 2009 FBAR by June 30?
The IRS advises that, "If a filer does not have all the available information to file the return by June 30, they should file as complete a return as they can and amend the document when the additional or new information becomes available."

Act now!
The FBAR must be filed by the end of this month. If you have any questions about this alert, please contact your tax attorney at JMBM.