Reporting Requirements for Foreign Financial Accounts: IRS Extends June 30, 2011 Deadline for Previously Deferred FBAR Filings to November 1, 2011

Sullivan & Cromwell LLP - June 16, 2011

The Internal Revenue Service (the “IRS”) today released Notice 2011-54, extending by four months the June 30, 2011 deadline for filing a Report of Foreign Bank and Financial Accounts (or an “FBAR”) for certain individuals with signature authority over, but no financial interest in, a foreign bank or other financial account, for FBAR filings for 2009 and prior years that were previously deferred. Filings for 2010 continue to be due by June 30, 2011.