The Internal Revenue Service announced on June 5 that the reporting requirement with respect to foreign bank accounts, due to take effect on June 30, 2009, is temporarily suspended for those persons who are not citizens, residents, or domestic entities.
The revised Form TD F 90.22-1 (Report of Foreign Bank and Financial Accounts, or FBAR) was issued by the IRS last year with a change in the instructions to the definition of “United States person”. However, the agency said that it has taken action to reduce the filing burden after “concerns and questions” were raised regarding the new instructions.
According to IRS announcement 2009-51: “To reduce the burden on the public with respect to FBARs due on June 30, 2009, all persons may rely on the definition of 'United States person' found in the instructions for the prior version of the FBAR (the July 2000 version) to determine whether they have an obligation to file an FBAR.”
The definition of a United States person included in the prior instruction includes: a citizen or resident of the United States; a domestic partnership; a domestic Corporation; or a domestic estate or trust.
"All other requirements of the current version of the FBAR form and instructions (revised in October 2008) are still in effect," the announcement continues. "The current version of the form must be used when filing an FBAR. This substitution affecting who must file the FBAR applies only to FBARs due on June 30, 2009."
The IRS said that it will be following up with additional guidance on the requirement to file for future years.
The agency is inviting interested persons to submit comments regarding the revised FBAR form and instructions by August 31, 2009.
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