Deadline for Filing FBAR for Persons Having Signature Authority over Foreign Financial Account for Calendar Years 2009 or Earlier Is November 1, 2011 (Notice 2011-54)

The deadline for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) for persons with no financial interest in a foreign financial account but with signature or other authority over that account for 2009 or earlier calendar years has been extended to November 1, 2011. The IRS and the Financial Crimes Enforcement Network (FinCEN) were recently informed that individuals who have signature authority over, but no financial interest in, foreign financial accounts were having difficulty compiling the information needed to file complete and accurate FBARs. The deadline for reporting signature authority over, or a financial interest in, foreign financial accounts for the 2010 calendar year remains June 30, 2011. Notice 2010-23, I.R.B. 2010-11, 441, is modified and supplemented.

The administrative relief provided in this notice does not affect the requirements to provide information or file FBARs in connection with the IRS’s 2009 Offshore Voluntary Disclosure Program or the 2011 Offshore Voluntary Disclosure Initiative. In addition, the administrative relief provided by this notice does not limit the relief in FinCEN Notice 2011-1, released on May 31, 2011, and revised on June 6, 2011.

Notice 2011-54, 2011FED ¶46,396

Other References:

31 USC 5311-5330

CCH Reference – 2011FED ¶36,555.027

CCH Reference – 2011FED ¶36,555.33

Tax Research Consultant

CCH Reference – TRC FILEBUS: 9,104


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