Stroock Special Bulletin
"IRS Grants Certain Taxpayers an FBAR Filing Deadline Extension to June 30, 2011"
On February 26, 2010, the Treasury Department issued Notice 2010-23 (the "Notice"), Announcement 2010-16 (the "Announcement") and proposed changes to the Bank Secrecy Act regulations (the "Proposed Regulations"). The Notice provides an extension for filing Form TD F 90-22.1, the Report of Foreign Bank and Financial Accounts ("FBAR") to those persons having signature authority over, but no financial interest in, a foreign financial account, and to persons with a financial interest in, or signature authority over, certain foreign commingled funds. The Announcement continues the suspension of FBAR filing requirements for persons who are not U.S. citizens, residents or domestic entities.
This Stroock Special Bulletin provides highlights of the Notice, the Announcement, and the Proposed Regulations.