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Volume XII, Number 137

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FinCEN Extends Certain FBAR Filing Deadlines

FinCEN extended the date for certain Report of Foreign Bank and Financial Accounts ("FBAR") filings until April 15, 2023. The extension applies to certain U.S. persons with authority over foreign financial accounts.

FinCEN extended the deadline because of proposed amendments to rules affecting these financial professionals' filing requirements. The proposal at issue would amend the Bank Secrecy Act's exemption for such persons in FBAR filings, particularly for individuals with signature authority over certain foreign financial accounts but no financial interest in the accounts.

Previously, FinCEN extended the filing deadline for financial professionals affected by this proposed rulemaking to April 15, 2022. This extension applies to filers reporting signature authority during the 2021 calendar year, as well as to all reporting deadlines already extended. All other FBAR filers must comply with the April 15, 2022, deadline.

Primary Sources

  1. FBAR Filing Requirement for Certain Financial Professionals: FinCEN Notice 2021-1 Extended Filing Date Related to Notice 2020-1

 

© Copyright 2022 Cadwalader, Wickersham & Taft LLPNational Law Review, Volume XI, Number 351
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