FBAR Extension Deadline Approaches for Foreign Bank and Financial Account Holders – The Indian Panorama
Filers affected by a natural disaster in Puerto Rico, Florida, North Carolina and South Carolina may have their FBAR due date extended further.
WASHINGTON DC. (TIP): – The Internal Revenue Service reminds U.S. citizens, resident aliens, and domestic corporations today that the extension deadline for filing their annual Foreign Bank and Financial Accounts (FBAR) report is 15 october. For more information on filing deadlines, filers should visit the Financial Crimes Enforcement Network (FinCEN) websitePDF.
Filers who missed the annual April 15 deadline earlier this year received an automatic extension until October 15, 2022 to file the FBAR. They didn’t need to ask for the extension. Filers affected by a natural disaster may have their FBAR due date extended further. Its material filers review relevant FBAR reassessment notices for complete information. On October 6, 2022, FinCEN announced that victims of Hurricane Fiona in Puerto Rico; Hurricane Ian in Florida, North Carolina and South Carolina; and storms and flooding in parts of Alaska have until February 15, 2023 to file FBARs for calendar year 2021.
Who should file?
The Bank Secrecy Act requires U.S. persons to file an FBAR if:
They have a financial interest in or signature or other authority over one or more accounts, such as a bank account, brokerage account, mutual fund, or other financial account located outside of the United States, and
The aggregate value of all foreign financial accounts exceeds $10,000 at any time during calendar year 2021.
Because of this threshold, the IRS encourages US persons with even relatively small offshore accounts to check whether this filing requirement applies to them. A US person is a citizen or resident of the United States or a domestic legal entity such as a partnership, corporation, limited liability company, estate, or trust.
How to deposit
Filers do not file the FBAR with their federal tax return. The 2021 FBAR must be filed electronically with FinCEN and is only available on the BSA e-filing system website. Individuals who are unable to file their FBAR online should contact FinCEN at 800-949-2732 or [email protected] request an alternative deposit method. Callers from outside the United States can contact the helpline at 703-905-3975.
Those who do not file an accurate FBAR when required may be subject to significant civil and criminal penalties that could result in a fine and/or imprisonment, depending on the facts and circumstances.
FBAR resources on IRS.gov:
Foreign Bank and Financial Accounts Report (FBAR)
Foreign Bank and Financial Account Reporting Details (FS-2022-24)
Publication 5569, Foreign Bank and Financial Accounts Report (FBAR) Reference GuidePDF