IRS reminder: FBAR filing deadline remains April 15

IRS reminder: FBAR filing deadline remains April 15

The IRS today issued a reminder to U.S. citizens, resident aliens, and any domestic legal entity that the deadline to file the annual “Report of Foreign Bank and Financial Accounts” (FBAR) is still April 15, 2021.

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Today’s IRS release—IR 2021-83—explains that the extension of the federal income tax filing due date and other tax deadlines to May 17, 2021 (from April 15, 2021) does not affect the FBAR filing requirement.

The 2021 FBAR must be filed electronically with the Financial Crimes Enforcement Network (FinCEN). The Bank Secrecy Act requires U.S. persons to file a FBAR if they have:

  • Financial interest in, signature authority or other authority over one or more accounts—such as a bank account, brokerage account, mutual fund or other financial account in a foreign country
  • The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year

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