FinCEN Further Extends Certain US FBAR Deadlines

by Mike Godfrey, Tax-News.com, Washington

11 December 2015

The United States Financial Crimes Enforcement Network (FinCEN) has announced a further extension of time for certain individuals with signature authority over, but no financial interest in, some types of accounts to file a Report of Foreign Bank and Financial Accounts (FBAR).

US persons are required to file FBARs annually to the Treasury Department if they have a financial interest in or signature authority over certain financial accounts, including bank and securities accounts, in a foreign country, if the aggregate value of these financial accounts exceeds USD10,000 at any time during a calendar year.

However, FinCEN has previously issued notices that have extended the filing deadline until June 30, 2016, for an employee or officer of a covered entity 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 entity (a "controlled person"); or an employee or officer of a controlled person of a covered entity who has signature or other authority over and no financial interest in a foreign financial account of the entity or another controlled person of the entity.

That filing due date is now being further extended to April 15, 2017, and, by allowing the extension, FinCEN has confirmed that it has recognized the need for further study of related questions and concerns regarding the application of the above exceptions. It has indicated that it is considering regulatory changes to address such questions.

TAGS: individuals | compliance | tax | tax compliance | interest | law | banking | financial services | United States | regulation | services

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