On October 5, 2021, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that persons affected by Hurricane Ida, the California wildfires, Tennessee’s severe storm and flooding, Michigan’s severe storms, flooding, and tornadoes, and Tropical Storm Fred, have until December 31, 2021 to file Reports of Foreign Bank and Financial Accounts (FBAR) for the 2020 calendar year.1
The FBAR for calendar year 2020 otherwise would be due on or before October 15, 2021.
WHY THIS MATTERS
Individuals who fail to timely file the FBAR may be subject to significant penalties. This relief gives FBAR filers affected by certain hurricanes, wildfires, tornadoes, and storms an additional 2-½ months to timely file without being subject to penalties.
FinCen is offering relief to persons in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance as a result of the natural disasters. Should FEMA designate other localities affected by these disasters as eligible for individual assistance at a later date, individuals in those additional localities will receive the same filing relief automatically.
In addition, FinCEN will work with any FBAR filer who lives outside the disaster areas and has records necessary for compliance located in the affected areas.
If a taxpayer is uncertain whether he or she should be filing an FBAR and/or needs assistance with the filing, he or she should speak with a qualified tax professional.
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 United States.
Connect with us
Want to do business with KPMG?
Stay up to date with what matters to you
Gain access to personalized content based on your interests by signing up todaySign up today
© 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.
Flash Alert is an Global Mobility Services publication of KPMG LLPs Washington National Tax practice. The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in 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.