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.
- 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.
- 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.
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