On August 7, 2009, the IRS released Notice 2009-62, confirming that a “U.S. person” who had a “financial interest” in or “signature authority” over a private investment fund or mutual fund organized in a non-U.S. jurisdiction during the 2003 through 2008 calendar years is required to file Form TD F 90-22.1. The deadline for filing the form has been extended to June 30, 2010. Filings are required for each calendar year.

Notice 2009-62 also extended the due date for filing Form TD F 90-22.1 to June 30, 2010 for those persons with signature authority over, but no financial interest in, any foreign financial account. This extension applies to Form TD F 90-22.1 filings of such persons for calendar years 2003 through 2008.

In the Notice, the IRS indicated that it is interested in receiving comments on several issues related to the application of these filing requirement to private investment funds. Therefore, we anticipate that additional guidance clarifying several open issues will be forthcoming from the IRS before June 30, 2010.

Our previous memos on this subject are available at:

http://www.sewkis.com/pubs/xprPubDetail.aspx?xpST=PubDetail&pub=182,
http://www.sewkis.com/pubs/xprPubDetail.aspx?xpST=PubDetail&pub=184 and
http://www.sewkis.com/pubs/xprPubDetail.aspx?xpST=PubDetail&pub=196