After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN…
FBAR Deadline Automatic Extension
All U.S. citizens and permanent residents are required to annually file a U.S. income tax return reporting their worldwide income from all sources. Additionally, U.S. citizens and permanent who have an interest in or signatory authority over foreign bank and financial accounts holding $10,000 or more at any time during the year must independently identify and report these interests to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”). This annual disclosure must be filed electronically using Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”).
For years prior to 2016, the FBAR was to be filed with FinCEN by June 30th following each year. The FBAR filing requirement is in addition to other foreign bank and financial account disclosures that must now be made on a taxpayer’s annual income U.S. income tax return (e.g. Form 1040, Schedule B; and Form 8938 -“FATCA” disclosure).
Beginning for the 2016 year, each annual FBAR must be filed with FInCen by April 15th. This change to an April 15th FBAR filing date was designed to match the FBAR filing date with the date individual Federal income tax returns are due.
A cording to IRS IR-2021-83 dated April 9, 2021:Filers missing the April 15 deadline will receive an automatic extension until October 15, 2021, to file the FBAR. They do not need to request the extension.
So basically, the deadline is October 15th.
You must file the FBAR electronically through the Financial Crimes Enforcement Network’s BSA E-Filing System. You do not file the FBAR with your federal tax return.
If you missed filing FBARs, there may be several amnesty programs available to certain late filers for relief. Contact us for a free consultation to discuss your sitiation.
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