IRS Extends Deadline for Some Taxpayers Who File FBARs to Nov. 1

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IRS moves a June 30 deadline to Nov. 1, 2011, for some taxpayers to start filing the Report of Foreign Bank and Financial Account, in a move that brings praise from a national accounting group. The action comes as many continue to struggle to get documentation to file the FBAR on time, and IRS says the guidance comes as a response to those difficulties. In Notice 2011-54, IRS extends the deadline to Nov. 1 for taxpayers with signature authority over, but no financial interest in, a foreign financial account in 2009 or previous calendar years, for which reporting was extended under previous IRS guidance. The deadline continues to be June 30 for 2010 accounts, IRS says.