Fluent in English, Spanish & Italian | 888-882-9243

call us toll free: 888-8TAXAID

FinCEN Provides FBAR Relief to Victims of Recent Natural Disasters & Filers Have Until December 31, 2020 to File

FinCEN Provides FBAR Relief to Victims of Recent Natural Disasters & Filers Have Until December 31, 2020 to File

On October 6, 2020, FinCEN announced that victims of the California Wildfires, the Iowa Derecho, Hurricane Laura, the Oregon Wildfires, and Hurricane Sally have until December 31, 2020, to file Reports of Foreign Bank and Financial Accounts (FBAR) for the 2019 calendar year.

The FBAR for calendar year 2019 otherwise would be due on or before October 15, 2020.

FinCEN is offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance as a result of the California Wildfires,1 the Iowa Derecho,2 Hurricane Laura,3 the Oregon Wildfires,4 and Hurricane Sally5 (the “affected areas”). Should FEMA designate FBAR filers in other localities affected by these natural disasters as eligible for individual assistance at a later date, they will receive the same filing relief automatically.

In addition, FinCEN will work with any FBAR filer who lives outside the disaster areas and whose records that are required to meet the deadline are located in the affected areas. FBAR filers who live outside the affected areas seeking assistance in meeting their filing obligations (including workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization), should contact the FinCEN Regulatory Support Section at 800-767-2825 or electronically at [email protected]

FBAR relief is part of a coordinated federal response to the damage caused by natural disasters and is based on local damage assessments by FEMA. For information on disaster recovery, visit https://www.disasterassistance.gov/.

Have an FBAR Problem?



Want to Know Which OVDP Program is Right for You?
 
 
 
Contact the Tax Lawyers at 
Marini & Associates, P.A. 
 
 
for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888) 882-9243

Read more at: Tax Times blog

Comments are closed.