IRS Issues Notice 2010-13: Administrative Relief in Regards to FBAR Filings for Certain Persons

The IRS has released Notice 2010-23.  Notice 2010-23 provides administrative relief in regard to Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts ("FBAR") filings for certain persons.  First, a person having signature authority over, or a financial interest in, a foreign financial account for which an FBAR would have been due on June 30, 2010 will have until June 30, 2011 to report the foreign financial account.  Second, the IRS will not apply its enforcement authority adversely in the case of a person having signature authority over, or a financial interest in, a foreign commingled fund that is not a mutual fund with respect to that account for the 2009 calendar year and earlier calendar years.

Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal.