FBAR filings: Deadline extended, again, for individuals with signature authority

FBAR filings: Deadline extended again

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, 2022.

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FinCEN Notice 2020-1 [PDF 36 KB] provides—for the eleventh 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 2020 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 2020 FBARs remains April 15, 2021.

For background information, read TaxNewsFlash

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