FBAR – Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1, is extended again! This time it is out to June 30, 2010 for FBAR reports for the years through 2008, and by then, also, 2009. This only applies to Selected people, those who have co-mingled funds and those who are only signers on accounts.
Everyone is involved in this process now. The big brokerage firms, the big law and CPA firms, and, of course, the IRS and Treasury departments.
This is really serious stuff. The IRS realized that they have a really HOT TICKET so they are now sorting out what they will be able to make stick.
What I find interesting is that the IRS is now extending out the filing date out to June 30, 2010, for filing the 2008 and older tax returns. This happens to extend through the end of the current year of 2009. This is an opportunity to clear out your overseas’ accounts, should you have discretionary funds and don’t have a real reason or need to keep funds overseas.
This is an area that we focus on, so if you need specific consultation, please call our office at 818-225-8022 for an appointment.
This is general information not associated with any specific person’s tax information. You must seek professional assistance for the application of specific laws.
