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Entertainers and Athletes Must Report their Foriegn Bank Accounts Too (UPDATE)

By Daniel J. Scott

Entertainers and athletes who are not citizens or residents of the United States, and entities that are not domestic entities, can relax when it comes to worrying if they have to disclose their foreign bank accounts to the United States government, at least for now. On June 5, 2009, the IRS announced that it is "temporarily suspending the reporting requirement with respect to foreign bank accounts . . . due on June 30, 2009, for those persons who are not citizens, residents, or domestic entities." See IRS Announcement 2009-51 (http://www.irs.gov/pub/irs-drop/a-09-51.pdf). In doing so, the IRS noted that is "has received a number of questions and comments from the public concerning the new filing requirement that may require additional guidance."
For purposes of filing Forms TD F 90.22-1 ("FBARs") due June 30, 2009 only (i.e., relating to foreign accounts with a value that exceeded in the aggregate $10,000 at any time during the 2008 calendar year), only (i) citizens and residents of the United States, (ii) domestic partnerships, (iii) domestic corporations, and (iv) domestic estates and trusts are subject to the reporting requirement. It is unclear at the moment who will be required to file and FBAR in subsequent years, and the IRS has promised to issue additional guidance on this point.

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This page contains a single entry from the blog posted on June 13, 2009 3:34 PM.

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