FBAR filing deadline relief for persons affected by certain natural disasters

Persons affected by certain natural disasters have until December 31, 2021, to file FBAR for 2020 calendar year

Persons affected by certain natural disasters have until December 31, 2021, to file FBAR

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a notice announcing that persons affected by certain natural disasters have until December 31, 2021, to file the “Report of Foreign Bank and Financial Accounts” (FBAR) for the 2020 calendar year.

The FBAR for calendar year 2020, otherwise, would be due on or before October 15, 2021.

As explained in the FinCEN notice (October 5, 2021) [PDF 385 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. The FinCEN notice specifically identifies the following storms or disasters:

  • Hurricane Ida
  • California wildfires
  • Tennessee severe storm and flooding
  • Michigan severe storms, flooding, and tornadoes
  • Tropical Storm Fred

The notice further states that if FEMA were to designate other localities affected by these natural disasters as eligible for individual assistance at a later date, FBAR filers in those additional localities would receive the same filing relief automatically.

Lastly, FinCEN stated that it will work with any FBAR filer who lives outside the disaster areas if the records required to meet the FBAR deadline are located in the affected areas.

 

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