Tuesday, June 14, 2011

FBAR Filing Deadline Extended for Certain Financial Professionals

Vienna, VA — The Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS) announced on June 6 that a small subset of individuals with only signature authority over certain foreign financial accounts who are required to file a Report of Foreign Bank and Financial Accounts (FBAR) with respect to those accounts will receive a one-year extension beyond the upcoming filing date of June 30, 2011.

FinCEN issued Notice 2011-1 that extends the deadline until June 30, 2012, for the following individuals:

• An employee or officer of a regulated entity (as specified in the FBAR regulations) who has signature or other authority over and no financial interest in a foreign financial account of another entity more than 50 percent owned, directly or indirectly, by the regulated entity (a “controlled person”).
• An employee or officer of a controlled person of a regulated entity who has signature or other authority over and no financial interest in a foreign financial account of the regulated entity or another controlled person of the regulated entity.

All other U.S. persons required to file an FBAR this year are required to meet the June 30, 2011 filing date. Unlike federal income tax returns, extensions of time to file FBARs are generally not available.

This notice was issued to facilitate more accurate compliance with the FBAR filing requirements in the wake of the finalization of the FBAR regulations on Feb. 24, 2011. The FBAR form (TD-F 90-22.1) is used to report a financial interest in, or signature or other authority over, one or more financial accounts in foreign countries.

 

Copyright 2009-2012 Pravasi Herald All Rights Reserved