Today, the IRS announced an extension to June 30, 2010 for certain filers who are eligible under the March 23, 2009 voluntary disclosure program for those who failed to disclose their foreign financial accounts for the past six years. The IRS explained that it needed more time to provide timely guidance and provide administrative relief for (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. The notice can be accessed here.
The IRS also requested public comments on the following issues:
Absent in the solicitation for comments was a clear request on the question whether hedge funds are commingled funds. We previously reported on the IRS's informal statements regarding treatment of foreign hedge funds as financial accounts for purposes of FBAR reporting. These statements surprised practitioners and taxpayers alike and generated a significant amount of activity in the very month the 2008 FBAR was due. Comments on this question were submitted to the IRS in the few weeks leading up to June 30, 2009 deadline.