On June 24, 2009, the Internal Revenue Service (“IRS”) issued an updated Frequently Asked Questions (see Question 43) which may extend the deadline for certain filers of Reports of Foreign Bank and Financial Accounts (“FBAR”) from June 30, 2009, to September 23, 2009.

The guidance specifies that the 2008 FBAR report may be filed by September 23, without penalty, if (a) a U.S. person only recently learned that it has a 2008 FBAR obligation with respect to that account, (b) there is insufficient time to gather the necessary information to complete the FBAR by the June 30 deadline, (c) the U.S. person attaches a statement explaining why the report is being filed late, (d) all 2008 taxable income with respect to a foreign financial account is timely reported, and (e) the taxpayer includes a copy of the taxpayer's 2008 tax return along with the FBAR (unless such return is due after September 23).

For your convenience, click here to view the recently updated Frequently Asked Questions prepared by the IRS that references these points in Question 43, and click here to read our June 19, 2009, Client Alert entitled, “U.S. Persons Should File a Precautionary FBAR With the IRS as a Preventative Measure Against Penalties.”