December 16, 2016: FinCEN extends FBAR deadline for some

Two notices from FinCEN – one a general change in FBAR (Reports of Foreign Bank and Financial Accounts), the other an extensions for certain people covered under a rulemaking change which is not yet finalized.

The extension:

FBAR Filing Requirement for Certain Financial Professionals

Immediate Release
December 16, 2016
 
FinCEN Notice 2016-1

Extended Filing Date Related to Notice 2015-1

The Financial Crimes Enforcement Network (FinCEN) is announcing a further extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking (NPRM) FinCEN issued on March 10, 2016, which proposes to revise the regulations implementing the Bank Secrecy Act (BSA) regarding FBARs.[1]  Specifically, one of the proposed amendments would expand and clarify the exemptions for certain U.S. persons with signature or other authority over foreign financial accounts.  This proposed amendment seeks to address questions raised regarding the filing requirement and its application to the individuals with signature authority over, but no financial interest in, certain types of accounts as outlined in FinCEN Notice 2015-1.

On December 8, 2015, FinCEN issued Notice 2015-1 to extend the filing date for FinCEN Form 114 – FBAR[2] for certain individuals with signature authority over but no financial interest in one or more foreign financial accounts to April 15, 2017.  In the past four years, FinCEN has issued identical extensions that applied to similarly situated individuals.[3]  As noted in these previous Notices, FinCEN received questions that required additional consideration with respect to the exemptions addressed in these Notices.  As stated above, the proposed amendments in the NPRM seek to address these exemptions.  Because the proposal is not yet finalized,  FinCEN is further extending the filing due date to April 15, 2018, for individuals whose filing due date for reporting signature authority was previously extended by Notice 2015-1.[4]  This extension applies to the reporting of signature authority held during the 2016 calendar year, as well as all reporting deadlines extended by previous Notices 2015-1, 2014-1, 2013-1, 2012-1 and 2012-2, along with Notices 2011-1, and 2011-2.  For all other individuals with an FBAR filing obligation, the filing due date remains April 15, 2017.

Questions or comments regarding the contents of this notice should be addressed to the FinCEN Resource Center at 1-800-767-2825 or 1-703-905-3591 (not a toll free number) and select option 3 for regulatory questions.  E-mail inquiries can be sent to FRC@fincen.gov.

The date change:

New Due Date for FBARs

Immediate Release
December 16, 2016

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15.  This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act).  Specifically, section 2006(b)(11) of the Act changes the FBAR due date to April 15 to coincide with the Federal income tax filing season.  The Act also mandates a maximum six-month extension of the filing deadline.  To implement the statute with minimal burden to the public and FinCEN, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year.  Accordingly, specific requests for this extension are not required.  (Please note: The due date for FBAR filings for foreign financial accounts maintained during calendar year 2016 is April 18, 2017, consistent with the Federal income tax due date.) 

Links:

FinCEN Notice for FBAR Filing Extension

FinCEN Notice of New Due Date for FBARs

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