FBAR Filing Extension Deadline

The Bank Secrecy Act requires U.S. persons to file an FBAR if they have:

• Financial interest in, signature authority or other authority over one or more accounts, such as a bank account, brokerage account, mutual fund or other financial account located outside the United States, and

• The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

Extension Deadline

• U.S. citizens, resident aliens, and any domestic legal entity are reminded that the extension deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is Oct. 15, 2021.

• Filers missing the April 15 annual due date earlier this year received an automatic extension until Oct. 15, 2021, to file the FBAR.

• Filers affected by a natural disaster may have their FBAR due date further extended. It’s important filers review relevant FBAR Relief Notices for complete information.

How to file

• Filers do not file the FBAR with their federal income tax return.

• The 2020 FBAR must be filed electronically with the Financial Crimes Enforcement Network (FinCEN) and is only available through the BSA E-Filing System website.

• Those who are unable to e-file their FBAR must call FinCEN at 800-949-2732, or from outside the U.S. at 703-905-3975.

Avoid penalties

• Those who don’t file an FBAR when required may be subject to significant civil and criminal penalties that can result in a fine and/or prison.

• The IRS will not penalize those who properly reported a foreign account on a late-filed FBAR if the IRS determines there was reasonable cause for late filing.

If you need assistance with tax planning or resolving your tax, please contact us at our Portland Office, Bend Office or West Linn Office to schedule a consultation with Jonathan.