Contrary to several reports, the IRS has not extended the deadline for US taxpayers to let the federal tax collectors know about foreign bank accounts they owned in 2008 and in the six years prior but forgot to mention.

The IRA missive of about 10 days ago, Notice 2009-62, spelled out an extension on filing foreign bank-account reports (FBARs) from 23 September 2009 to 30 June 2010 exclusively for taxpayers "who only recently learned of their obligation to file an FBAR" - but that's provided they get the proper documentation and proof to the IRS by the old deadline.

Taxpayers who completed FBARs in previous years for the same accounts or whom the IRS believes knew about their obligation to file FBARs (absent proof to the contrary) are still governed by the old deadline of 30 June 2009 and face penalties for filing late. This applies if they had income from offshore accounts to report.

However, if they did not make money with their offshore investments and holdings, they have until 23 September to file FBARs or face stepped up fines and perhaps criminal prosecution.

"I have trouble with 29 years of experience and a masters degree in taxation keeping up with who needs to file what by when," said Ron Cohen, a partner of the Danville, California-based business-service firm Greenstein Rogoff Olsen, in his International Tax blog.

The IRS said people should continue to expect further FBAR guidance.