FinCEN Issues Additional Extension for Certain FBAR Filers

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Certain individuals having only signature authority over foreign financial accounts have until June 30, 2013, to file the FBAR.

On February 14, the Financial Crimes Enforcement Network (FinCEN) announced that certain persons who are obligated to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), now have until June 30, 2013, to file the form.1 This extended filing deadline applies to certain individuals with signature authority over but no financial interest in one or more foreign financial accounts and to certain employees or officers of investment advisers registered with the Securities and Exchange Commission (SEC) who have signature authority over but no financial interest in certain foreign financial accounts. FinCEN cites “additional questions and concerns” regarding exceptions to filing addressed in prior FinCEN notices as the basis for this latest extension. This is the second filing extension applicable to such persons. It covers not only the reporting of signature authority held by such persons for 2011, but also for all other years for which filing was previously extended to June 30, 2012, under FinCEN Notices 2011-1 and 2011-2. All others who are required to file an FBAR must still do so by June 30, 2012.

Very generally, FinCEN Notice 2011-1 provided an extension to file FBARs for the following employees and officers of certain “Excepted Entities” (as defined in the Final Regulations released by FinCEN on February 24, 20112)...

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Published In: Administrative Agency Updates, Finance & Banking Updates, International Trade Updates, Securities Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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