FBAR filing deadline; relief for persons affected by recent natural disasters
FBAR filing deadline; relief for natural disasters
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) today issued a notice announcing that persons affected by the California wildfires, the Oregon wildfires, the Iowa derecho, and Hurricane Laura and Hurricane Sally have until December 31, 2020, to file the “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.
As noted in today’s FinCEN notice [PDF 81 KB], this filing relief is being provided to persons in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance as a result of the wildfires, storms or hurricanes.
In addition, FinCEN stated that it 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.
© 2022 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.
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.