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FBAR Signatories Have an Extra Year to File Their Form 114

Individuals with signature-only authority over foreign financial accounts have been granted until April 15, 2020 to file their report of foreign bank and financial accounts (FBAR) forms to the US Internal Revenue Service for the tax year just ended. Previously the deadline was April 15, 2019, consistent with the federal income tax due date.  

On December 4, 2018, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released Notice 2018-1, which states that certain persons who are obligated to file FinCEN Form 114: Report of Foreign Bank and Financial Accounts (FBAR) now have until April 15, 2020 to file the form.

 This extended filing deadline applies to certain individuals who have signature authority over, but no financial interest in, one or more foreign financial accounts. The extension also applies to certain employees or officers of investment advisers registered with the US Securities and Exchange Commission (SEC) who have signature authority over, but no financial interest in, certain foreign financial accounts.

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Read more at: Tax Times blog

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