On June 30 we posted an item regarding the need for companies and individuals that have a financial interest in or signature authority over one or more foreign “financial accounts”, i.e., accounts that exceed $10,000 in the aggregate, to file an IRS Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) by June 30, 2009. This includes, but is not limited to, investors in offshore hedge funds, private equity funds and mutual funds, and such accounts held through Individual Retirement Accounts or retirement plans.
The IRS has announced that taxpayers who only recently learned that they have an FBAR filing obligation and did not have sufficient time to gather the information necessary to properly file the FBAR by the June 30, 2009 due date should file the delinquent FBAR report according to the instructions and attach a statement explaining why the report is filed late. A copy of the delinquent FBAR, together with a copy of the 2008 tax return, should be sent by September 23, 2009, to the Philadelphia Offshore Identification Unit, at the following address:
Internal Revenue Service
11501 Roosevelt Blvd.
South Bldg., Room 2002
Philadelphia, PA 19154
Attn: Charlie Judge, Offshore Unit, DP S-611