In a one sentence notice, the Financial Crimes Enforcement Network (FinCEN) announced yesterday that it is extending the deadline for filing FinCEN Form 114, Reports of Foreign Bank and Financial Accounts (the “FBAR”), for all filers who had reportable foreign accounts in the year 2019 from today, October 15, until December 31, 2020.
The announcement provides no explanation for the reasons for the extension. Yesterday’s announcement expands FinCEN’s announcement issued on October 6, 2020, which extended the FBAR deadline until December 31, 2020 only for persons located in areas designated by FEMA as qualifying for disaster relief as a result of the California Wildfires, the Iowa Derecho, Hurricane Laura, the Oregon Wildfires, and Hurricane Sally. Yesterday’s announcement applies to all FBAR filers.
All U.S. persons who possess an ownership interest, or signatory or other authority, over one or more foreign accounts with an aggregate balance exceeding $10,000 in a given year are required by law to file an FBAR. Failure to timely file an FBAR can result in civil penalties and, in willful cases, criminal prosecution. The present FBAR filing deadline for accounts held in 2019 is October 15, 2020.
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Read more at: Tax Times blog
