IRS Revises Definition of US Person for Report of Foreign Accounts Filing Due June 30, 2009
Part IV – Items of General Interest
Temporary Suspension of FBAR filing Requirements for Persons who are not Citizens, Residents, or Domestic Entities
The Internal Revenue Service is temporarily suspending the reporting requirement with respect to foreign bank accounts (Form TD F 90.22-1 (Report of Foreign Bank and Financial Accounts)) due on June 30, 2009, for those persons who are not citizens, residents, or domestic entities. The revised Form TD F 90.22-1 (October 2008) was issued with a change in the instructions to the definition of “United States person.” The IRS has received a number of questions and comments from the public concerning the new filing requirement that may require additional guidance.
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 “United States person” from the prior version is as follows: