IRS Extends FBAR Filing Deadline to June 30, 2010 for Certain Funds

August 12, 2009
The IRS recently extended the filing deadline to June 30, 2010 for the Report of Foreign Bank and Financial Accounts (“FBAR”) for 2008 and earlier calendar years for persons who have either: a financial interest in, or signature authority over, a foreign financial account in which the assets are held in a commingled fund, such as a hedge or private equity fund; or signature or other authority over, but no financial interest in, a foreign financial account, such as a brokerage account. This update summarizes the terms of the extension and clarifies the filing obligations for certain funds.