Foreign Bank Account Reporting Disclosure

Taxpayers now have until October 15th, 2009, to submit paperwork, tax returns and foreign bank account reports. The IRS announced today that the deadline for filing voluntary disclosures relating to foreign bank accounts has been extended from September 23rd to October 15th. This short-term extension of the deadline provides "relief for those taxpayers who had intended to come forward prior to the deadline, but faced logistical and administrative challenges in meeting it," the IRS explained, and emphasizing that "there will be no further extensions" of time provided to file disclosures with the IRS's Offshore Income Unit and the Treasury Department.

The IRS has also updated their FAQ about the FBAR disclosure program to note the extended October 15th deadline and adding Q&A 52 concerning whether UBS account holders are eligible for the voluntary disclosure program

John R. Dundon, EA - www.1040.com/jd - Taxpayer Advocate - Enrolled with the United States Department of Treasury to Practice before the IRS - Under contract with the United States Department of Treasury as a Certified ITIN Acceptance Agent - Direct phone # 720-234-1177