News Alert: FBAR October 15 Extension Deadline

The IRS has issued a reminder that the deadline for U.S. citizens, resident aliens, and any domestic legal entity that the extension deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR)is October 15, 2021.

Filers missing the April 15 deadline earlier this year received an automatic extension until October 15, 2021. For those filers affected by a natural disaster, it is important to review FBAR Relief Noticesfor possible further extensions.

The Bank Secrecy Act requires U.S. persons to file a FBAR on FinCEN Form 114 if they have:

  1. Financial interest in, signature authority or other authority over one or more accounts, such as a bank account, brokerage account, mutual fund or other financial account outside the United States, and
  2. The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

The FBAR must be filed electronically through the Financial Crimes Enforcement Network’s BSA E-Filing System. It is not filed with your federal tax return. Those who are unable to e-file their FBAR must call FinCEN at 800-949-2732, or from outside the U. S. 703-905-3975.

More details and assistance can be found at IRS.gov.

 


This text is provided with the understanding that ECFA is not rendering legal, accounting, or other professional advice or service. Professional advice on specific issues should be sought from an accountant, lawyer, or other professional.

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