On December 20, 2019, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued FinCEN Notice 2019-1, further extending the filing deadline to April 15, 2021, for certain individuals who have to file a “Report of Foreign Bank and Financial Accounts (FBAR). This is the 10th time an extension has been provided 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 2019 calendar year.
On December 20, 2019, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued FinCEN Notice 2019-1, ( PDF 292 KB) further extending the filing deadline to April 15, 2021, for certain individuals who have to file a “Report of Foreign Bank and Financial Accounts (FBAR) with respect to signature or other authority over certain foreign financial accounts.1
This extension may provide welcome relief for affected persons who may have had to prepare an FBAR this year. This extension is only relevant for individuals who have previously been granted an extensions of time by previous FinCEN notices. This notice relieves them of that obligation this year.
FinCEN Notice 2019-1 provides, for the tenth time2, 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 2019 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 on March 10, 2016 – which 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 2019 FBARs remains April 15, 2020. However, note that all filers automatically receive a six-month extension of time to file their FBAR. Thus, no action by an FBAR filer is required to receive the extension of time to file. This effectively moves the FBAR due date to October 15, 2020.
The above information is not intended to be "written advice concerning one or more Federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230 as the content of this document is issued for general informational purposes only.
The information contained in this newsletter was submitted by the KPMG International member firm in the United States.
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