Bulletin No. 2009-35 — Internal Revenue Bulletin 2009-35

2008 (WRERA). An eligible combined plan provides a vehicle through which an employer can maintain both a defined contribution plan and a defined benefit plan on a combined basis, thus reducing the administrative burdens and costs of maintaining separate plans. This notice also requests comments on issues presented by section 414(x) with respect to eligible combined plans by October 15, 2009.

Rev. Proc. 2009–36, page 304. Modification of Revenue Procedure 2007–44. This procedure modifies Rev. Proc. 2007–44, 2007–2 C.B. 54, to provide that a remedial amendment cycle with respect to a governmental plan within the meaning of section 414(d) of the Code (“governmental plan”) will not end before the expiration of the 91st day after the close of the first legislative session beginning more than 120 days after a determination letter is issued for the plan, provided the application for the determination letter was timely submitted to the Service. This procedure also modifies Rev. Proc. 2007–44 to provide that the sponsor of an individually designed governmental plan elect Cycle E (instead of Cycle C) as the initial (EGTRRA) remedial amendment cycle for the plan. Rev. Proc. 2007–44 modified.

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ADMINISTRATIVE

Notice 2009–62, page 260. This notice addresses technical issues relating to certain filers of Form TD F 90–22.1 (Report of Foreign Bank and Financial Accounts (FBAR)) and provides temporary relief to those filers while formal guidance is developed. Specifically, the notice extends the due date for filing an FBAR for one year until June 30, 2010, for U.S. persons having signature authority over, but no financial interest in, a foreign financial account and for U.S. persons with a financial interest in, or signature authority over, foreign commingled funds. The notice also requests comments on the FBAR filing requirements by October 6, 2009.

Rev. Proc. 2009–35, page 265. This procedure provides specifications for filing Form 1042–S, Foreign Person’s U.S. Source Income Subject to Withholding, electronically. The procedure will be reproduced as the current revision of Publication 1187. Rev. Proc. 2008–44 superseded.

August 31, 2009 2009–35 I.R.B.