The Internal Revenue Service has extended the filing deadline yet again for people to report on foreign tax accounts, giving them until June 30 of next year, but only under certain circumstances.
About two months ago, the IRS extended the deadline from June 30 of this year to Sept. 23 to allow more taxpayers to file the Form TDF 90-22, Report of Foreign Bank and Financial Accounts, or FBAR (see
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The current instructions for the FBAR provide, with certain exceptions, that U.S. persons that have signature authority over, but no financial interest in, a foreign financial account are required to file an FBAR. They must report the account on an FBAR even if the foreign financial account is reported on an FBAR filed by the owner of the account (or other person that has a financial interest in the account).
The current instructions also provide that a foreign financial account that must be reported on an FBAR includes any bank, securities, securities derivatives, or other financial instruments account. The FBAR instructions further provide that those accounts generally also encompass any accounts in which the assets are held in a commingled fund and the account owner holds an equity interest in the fund (including mutual funds).