August 31, 2011 is the deadline for participating in the 2011 Offshore Voluntary Disclosure Initiative. The initiative primarily concerns the TD F 90-22.1, commonly referred to as an "FBAR." The FBAR is used to report a financial interest in, or signature authority over, a foreign bank, securities or other financial account where the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. The initiative may also apply to other information returns required for other foreign investments, such as certain interests in foreign corporations and foreign trusts. Although participation in the initiative generally requires that all applicable documents be submitted by August 31, 2011, an extension of up to 90 days may be allowed to persons who have begun the process by August 31, 2011.
For our previous alert discussing the initiative and related issues click here.
For IRS guidance on the initiative in the form of Frequently Asked Questions click here