FinCEN Clarifies FBAR Deadline Confusion

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On October 14, 2020, FinCEN posted an incorrect message on its Bank Secrecy Act (BSA) E-Filing website.  The message incorrectly stated there was a new filing extension until December 31, 2020, for all filers of Reports of Foreign Bank and Financial Accounts (FBARs).  The extension until December 31, 2020, however, was intended only as an accommodation for victims of recent natural disasters covered in FinCEN’s October 6, 2020 notice.

FinCEN has apologized for the error and any confusion this has caused, and has coordinated with the IRS to address the concerns of filers who may have missed their filing deadline due to the October 14, 2020 message.

Filers who file their 2019 calendar year FBAR by October 31, 2020, will be deemed to have timely filed.  As set out in the October 6 notice, FBAR filers impacted by recent natural disasters continue to have until December 31, 2020 to file their FBARs.

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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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