The Internal Revenue Service (“IRS”) has now extended the filing date for certain Reports of Foreign Bank and Financial Accounts, (Form TD F 90-22.1) (“FBAR”), to June 30, 2010. According to IRS Notice 2009-62, the new extended filing date applies to (i) persons with signature authority over, but no financial interest in, a foreign financial account, and (ii) persons with a financial interest in, or signature authority over, a “foreign commingled fund”, such as a hedge fund or private equity fund organized outside the United States.

This extension allows eligible FBAR filings for 2008 and prior years to be filed by June 30, 2010 without penalty. The Notice was issued in response to concerns raised by many of us who have requested clarifications and guidance on the scope and procedure of FBAR filings. The Notice invites further comment, and states that the IRS and Treasury Department may address these issues, and provide administrative relief in certain situations, during the extension period.

It should be noted, however, that FBAR filings for economic interests in conventional foreign financial accounts (other than “commingled funds”) remain subject to the existing filing dates. Please see our June 26, 2009 and June 19, 2009 Client Alerts for more details on required FBAR filings.