U.S. owners of certain foreign financial accounts (and U.S. individuals with authority over the accounts) are required to file annual reports—on FinCEN Form 114, “Report of Foreign Bank and Financial Accounts (FBAR).”
In light of potential penalties for FBAR noncompliance and continuing efforts to enforce the Bank Secrecy Act by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and the IRS, owners of foreign financial accounts and individuals holding signatory authority over these accounts must remain diligent.
Relief, however, is available in certain circumstances, but coronavirus-related relief from the IRS is not currently expected to delay FBAR filing due dates.
Read a March 2020 report [PDF 160 KB] prepared by KPMG LLP: What’s News in Tax: 2020 FBAR update: Revisit the rules while relief is available
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in 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.