6/8/2009

The June 30 deadline for filing TD F 90-22.1, Report of Foreign Bank and Financial Accounts, is fast approaching, and on Friday the IRS conceded that the new FBAR definition of "United States persons" requires additional guidance. Therefore, the IRS is temporarily allowing filers to use the old definition, meaning foreign taxpayers are relieved of their FBAR filing requirement. This relief applies only to FBAR filings due June 30, 2009. The IRS will issue guidance for future filings.

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