InfoBytes Blog
FinCEN extends FBAR filing deadline for certain individuals
On December 9, the Financial Crimes Enforcement Network (FinCEN) issued Notice 2021-1 to further extend the time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the agency’s March 2016 notice of proposed rulemaking, which proposed to revise the Bank Secrecy Act’s implementing regulations regarding FBARs. (See previous InfoBytes coverage on the 2016 NPR here.) Specifically, one of the proposed amendments seeks to “expand and clarify the exemptions for certain U.S. persons with signature or other authority over foreign financial accounts,” but with no financial interest, as outlined in FinCEN Notice 2020-1 issued December 9, 2020. FinCEN noted that because the proposal has not been finalized, it is extending the filing due date to April 15, 2023, for individuals who previously qualified for a filing due date extension under Notice 2020-1. All other individuals must submit FBAR filings by April 15, 2022.