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FinCEN Further Extends US FBAR Filing Deadline For Some

by Mike Godfrey, Tax-News.com, Washington

07 January 2013


The United States Financial Crimes Enforcement Network (FinCEN) has announced that a small subset of individuals required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a further one-year extension beyond their upcoming filing date of June 30, 2013.

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

However, FinCen has recently issued a notice that extends that deadline until June 30, 2014, 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% 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.

By allowing this extension, FinCEN has recognized the need for further study of related questions and concerns regarding the application of the above exceptions so as to facilitate more accurate compliance.

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

TAGS: individuals | compliance | tax | investment | business | tax compliance | law | banking | ministry of finance | offshore | offshore banking | United States

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