The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a notice extending the filing date for the “Report of Foreign Bank and Financial Accounts (FBAR)” for certain individuals who have only signature or other authority over certain foreign financial accounts to April 15, 2021.
FinCEN Notice 2019-1 [PDF 272 KB] provides—for the tenth time since 2011—an extension to employees and officers of specified regulated entities (including U.S. publicly traded companies and financial institutions) who have only signature or other authority over, but no financial interest in, certain foreign financial accounts during the 2019 calendar year. The extension also applies with respect to reporting deadlines extended by previous FinCEN notices beginning in 2011.
This further extension is being granted because proposed regulations (issued in March 2016 that, in part, propose to revise the application of the filing requirements to U.S. individuals with signature or other authority over foreign financial accounts) have not yet been finalized.
For all other individuals with an FBAR filing obligation, the filing due date for calendar year 2019 FBARs remains April 15, 2020.
For background information, read TaxNewsFlash
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.